Key Points
- CEO Clifton Pemble sold 10,431 shares on Dec. 16 at an average price of $206.23, generating $2,151,185 and reducing his stake by 7.16% to 135,180 shares (worth about $27.9M).
- Garmin opened at $201.52 (down ~2.7%), has a $38.76B market cap and P/E of 24.8; last quarter EPS matched expectations at $1.99 with revenue of $1.77B slightly below forecasts, and the company set FY2025 guidance at $8.15 EPS.
- The consensus rating is a "Hold" with an average target price of $241.60, and institutional investors own roughly 81.6% of the company.
Garmin Ltd. (NYSE:GRMN - Get Free Report) CFO Douglas Boessen sold 2,485 shares of Garmin stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total value of $512,556.10. Following the completion of the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Garmin Stock Performance
Shares of GRMN traded up $2.43 during mid-day trading on Thursday, hitting $203.90. The company's stock had a trading volume of 22,204 shares, compared to its average volume of 938,839. The stock's 50-day moving average is $214.67 and its two-hundred day moving average is $222.33. The firm has a market capitalization of $39.22 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 2.34 and a beta of 1.01. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69.
Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, meeting the consensus estimate of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.78 billion. During the same period in the prior year, the company earned $1.99 EPS. The business's quarterly revenue was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the stock. Tigress Financial increased their target price 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. Longbow Research raised Garmin from a "neutral" rating to a "buy" rating and set a $250.00 price target for the company in a report on Wednesday, December 3rd. Barclays lifted their price objective on Garmin from $167.00 to $208.00 and gave the stock an "underweight" rating in a report on Thursday, October 30th. Morgan Stanley boosted their price objective on Garmin from $193.00 to $195.00 and gave the company an "underweight" rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $241.60.
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Institutional Investors Weigh In On Garmin
A number of hedge funds have recently added to or reduced their stakes in GRMN. Allworth Financial LP raised its stake in shares of Garmin by 36.3% in the third quarter. Allworth Financial LP now owns 2,293 shares of the scientific and technical instruments company's stock worth $565,000 after acquiring an additional 611 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Garmin by 93.7% in the third quarter. IFP Advisors Inc now owns 6,382 shares of the scientific and technical instruments company's stock valued at $1,572,000 after purchasing an additional 3,087 shares in the last quarter. Swiss Life Asset Management Ltd increased its holdings in shares of Garmin by 10.1% in the third quarter. Swiss Life Asset Management Ltd now owns 35,320 shares of the scientific and technical instruments company's stock valued at $8,696,000 after purchasing an additional 3,230 shares in the last quarter. Polar Asset Management Partners Inc. bought a new position in Garmin in the 3rd quarter worth approximately $352,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in Garmin by 5.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 5,207 shares of the scientific and technical instruments company's stock worth $1,282,000 after buying an additional 291 shares in the last quarter. Institutional investors own 81.60% of the company's stock.
Garmin Company Profile
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Get Free Report)
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.
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