Matthew Munn Sells 4,637 Shares of Garmin Ltd. (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) Director Matthew Munn sold 4,637 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the sale, the director now owns 11,450 shares in the company, valued at approximately $2,579,799.50. The trade was a 28.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Garmin Price Performance

Shares of GRMN opened at $228.88 on Friday. The firm has a 50-day moving average of $215.06 and a 200-day moving average of $197.77. Garmin Ltd. has a one year low of $136.25 and a one year high of $246.50. The company has a market cap of $44.04 billion, a PE ratio of 31.31, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

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

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Friday, March 13th. Garmin’s payout ratio is 41.04%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Barclays lifted their price target on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Finally, Morgan Stanley upgraded shares of Garmin to a “sell” rating and lifted their price target for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned 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 $210.80.

Institutional Trading of Garmin

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC raised its stake in Garmin by 2.0% in the 3rd quarter. Private Advisor Group LLC now owns 4,314 shares of the scientific and technical instruments company’s stock worth $759,000 after purchasing an additional 83 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Garmin in the 3rd quarter worth about $13,448,000. Assenagon Asset Management S.A. raised its stake in Garmin by 16.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 16,794 shares of the scientific and technical instruments company’s stock worth $2,956,000 after purchasing an additional 2,349 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Garmin by 34.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,935 shares of the scientific and technical instruments company’s stock worth $1,729,000 after purchasing an additional 2,547 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Garmin by 96.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 23,021 shares of the scientific and technical instruments company’s stock valued at $4,052,000 after buying an additional 11,295 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

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.