Garmin Ltd. (NYSE:GRMN) CEO Clifton A. Pemble Sells 7,899 Shares

Garmin Ltd. (NYSE:GRMN) CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer now directly owns 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Garmin Stock Down 3.0%

GRMN opened at $197.80 on Wednesday. The firm has a market cap of $38.08 billion, a PE ratio of 26.03, a P/E/G ratio of 2.29 and a beta of 0.98. The business has a fifty day simple moving average of $198.14 and a 200-day simple moving average of $207.75. Garmin Ltd. has a fifty-two week low of $158.90 and a fifty-two week high of $246.50.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.42 earnings per share. On average, equities research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.82%. Garmin’s payout ratio is 47.37%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd lifted its position in shares of Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 121 shares in the last quarter. Groupe la Francaise acquired a new position in Garmin in the 1st quarter valued at approximately $33,000. TFC Financial Management Inc. lifted its position in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock worth $34,000 after buying an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Garmin during the 1st quarter valued at $34,000. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Garmin during the 1st quarter valued at $38,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on GRMN. Barclays decreased their target price on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Morgan Stanley lifted their target price on Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. decreased their price target on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus target price of $206.00.

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.