Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen Sells 2,763 Shares

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 2,763 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $226.55, for a total transaction of $625,957.65. Following the transaction, the chief financial officer now directly owns 30,936 shares of the company’s stock, valued at approximately $7,008,550.80. This represents a 8.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Garmin Stock Performance

Shares of Garmin stock traded up $4.82 during trading on Friday, hitting $228.88. 1,207,428 shares of the stock were exchanged, compared to its average volume of 852,581. Garmin Ltd. has a 12 month low of $136.25 and a 12 month high of $246.50. The stock has a market cap of $44.04 billion, a PE ratio of 31.31, a P/E/G ratio of 1.36 and a beta of 0.98. The stock’s fifty day moving average is $214.66 and its 200 day moving average is $197.16.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm posted $1.72 earnings per share. The business’s revenue was up 22.9% on a year-over-year basis. Sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.57%. Garmin’s dividend payout ratio (DPR) is 41.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GRMN shares. Barclays increased their price objective on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Morgan Stanley upgraded Garmin to a “sell” rating and boosted their price objective for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. JPMorgan Chase & Co. increased their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Finally, Tigress Financial boosted their price target on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $210.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. boosted its stake in Garmin by 1.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock valued at $591,000 after purchasing an additional 49 shares in the last quarter. Curbstone Financial Management Corp grew its holdings in Garmin by 1.3% during the fourth quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock worth $802,000 after acquiring an additional 50 shares during the period. Larson Financial Group LLC lifted its holdings in Garmin by 26.8% in the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after acquiring an additional 51 shares during the last quarter. Addison Advisors LLC boosted its position in shares of Garmin by 11.1% during the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after purchasing an additional 52 shares in the last quarter. Finally, HB Wealth Management LLC lifted its stake in Garmin by 1.4% during the fourth quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock valued at $788,000 after purchasing an additional 53 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.

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.