Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen Sells 1,761 Shares

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Garmin Stock Performance

Shares of NYSE GRMN opened at $211.02 on Wednesday. The firm’s 50 day moving average price is $200.85 and its 200 day moving average price is $181.04. The firm has a market cap of $40.52 billion, a P/E ratio of 26.78, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $222.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, equities analysts predict that Garmin Ltd. will post 7.01 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Citigroup Inc. grew its holdings in Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after purchasing an additional 156,441 shares during the period. Algert Global LLC acquired a new stake in shares of Garmin during the 2nd quarter worth $508,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Garmin during the 3rd quarter worth $695,000. Trajan Wealth LLC raised its position in shares of Garmin by 9.1% in the 3rd quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after buying an additional 6,878 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Garmin by 24.2% during the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock valued at $3,086,000 after acquiring an additional 3,415 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Barclays raised their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, Tigress Financial raised their price target on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $171.00.

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.