Garmin Ltd. (NYSE:GRMN) Director Sells $499,015.00 in Stock

Garmin Ltd. (NYSE:GRMN) Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Garmin Stock Performance

GRMN opened at $180.09 on Friday. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $183.88. The company has a 50-day moving average of $171.90 and a 200-day moving average of $159.47. The company has a market capitalization of $34.59 billion, a P/E ratio of 25.40, a PEG ratio of 3.17 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the company earned $1.45 earnings per share. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. As a group, sell-side analysts expect that Garmin Ltd. will post 6.05 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is currently 42.31%.

Hedge Funds Weigh In On Garmin

Several large investors have recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new stake in Garmin during the first quarter valued at $30,000. Family Firm Inc. acquired a new position in shares of Garmin in the 2nd quarter valued at about $35,000. Benjamin Edwards Inc. grew its position in shares of Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the last quarter. Frazier Financial Advisors LLC acquired a new stake in Garmin during the fourth quarter worth about $33,000. Finally, Headlands Technologies LLC acquired a new stake in Garmin during the second quarter worth about $46,000. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Tigress Financial upped their price target on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. Bank of America lowered shares of Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Garmin currently has a consensus rating of “Hold” and an average target price of $156.83.

About Garmin

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.