Douglas Boessen Sells 2,485 Shares of Garmin (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas Boessen sold 2,485 shares of the stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the sale, the chief financial officer owned 28,916 shares in the company, valued at $5,964,214.16. The trade was a 7.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Garmin Price Performance

NYSE:GRMN traded down $5.52 during trading hours on Wednesday, hitting $201.52. The company’s stock had a trading volume of 971,602 shares, compared to its average volume of 942,082. The company has a market capitalization of $38.76 billion, a P/E ratio of 24.82, a PEG ratio of 2.34 and a beta of 1.01. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The stock has a fifty day simple moving average of $214.67 and a 200-day simple moving average of $222.33.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.99. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, equities analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Barclays lifted their target price on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Morgan Stanley lifted their price target on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective on the stock in a research note on Wednesday, December 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Finally, Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Garmin has a consensus rating of “Hold” and a consensus price target of $241.60.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Garmin during the second quarter worth $410,304,000. Vanguard Group Inc. increased its position in shares of Garmin by 6.9% during the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after acquiring an additional 1,273,163 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Garmin by 649.2% during the third quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock worth $309,417,000 after acquiring an additional 1,088,938 shares during the period. AQR Capital Management LLC lifted its holdings in Garmin by 79.3% during the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after acquiring an additional 700,967 shares during the period. Finally, Amundi boosted its position in Garmin by 138.0% in the second quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock worth $247,255,000 after purchasing an additional 671,859 shares during the last quarter. 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.