Cheng-Wei Wang Sells 10,055 Shares of Garmin Ltd. (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Garmin Stock Up 1.2 %

Shares of GRMN stock opened at $179.76 on Friday. The company’s fifty day simple moving average is $167.96 and its two-hundred day simple moving average is $155.41. Garmin Ltd. has a 52 week low of $99.61 and a 52 week high of $180.40. The stock has a market cap of $34.53 billion, a P/E ratio of 25.35, a PEG ratio of 3.55 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the firm posted $1.45 earnings per share. The business’s revenue was up 14.3% compared to the same quarter last year. On average, analysts anticipate that Garmin Ltd. will post 6 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.67%. Garmin’s dividend payout ratio (DPR) is 42.31%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Clearstead Trust LLC purchased a new stake in Garmin during the first quarter valued at $30,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin during the 4th quarter valued at about $33,000. Family Firm Inc. bought a new position in shares of Garmin in the 2nd quarter valued at about $35,000. Benjamin Edwards Inc. grew its position in Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Garmin during the second quarter worth approximately $46,000. 73.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GRMN shares. Tigress Financial raised their price objective on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. upped their price objective on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Barclays increased their target price on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Finally, Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $165.00 to $150.00 in a report on Wednesday, May 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of “Hold” and a consensus target price of $156.83.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.