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

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Garmin Trading Up 0.1 %

GRMN stock traded up $0.31 during midday trading on Monday, hitting $209.30. The stock had a trading volume of 527,337 shares, compared to its average volume of 861,692. The firm has a market capitalization of $40.19 billion, a price-to-earnings ratio of 26.56, a P/E/G ratio of 1.46 and a beta of 0.97. The stock has a 50-day simple moving average of $200.02 and a 200 day simple moving average of $180.72. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $222.97.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. bought a new position in Garmin in the 2nd quarter valued at $31,000. Larson Financial Group LLC increased its position in Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 162 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Garmin during the third quarter worth approximately $39,000. Benjamin Edwards Inc. grew its stake in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Garmin in the second quarter valued at approximately $46,000. 81.60% of the stock is owned by institutional investors and hedge funds.

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.