Insider Selling: Garmin Ltd. (GRMN) Major Shareholder Sells $6,635,750.00 in Stock
Garmin Ltd. (NASDAQ:GRMN) major shareholder Jonathan Burrell sold 127,000 shares of Garmin stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $52.25, for a total transaction of $6,635,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
Jonathan Burrell also recently made the following trade(s):
- On Tuesday, September 12th, Jonathan Burrell sold 127,000 shares of Garmin stock. The shares were sold at an average price of $52.14, for a total transaction of $6,621,780.00.
- On Wednesday, September 13th, Jonathan Burrell sold 253,000 shares of Garmin stock. The shares were sold at an average price of $52.13, for a total transaction of $13,188,890.00.
- On Tuesday, August 22nd, Jonathan Burrell sold 231,500 shares of Garmin stock. The shares were sold at an average price of $51.20, for a total transaction of $11,852,800.00.
- On Friday, August 11th, Jonathan Burrell sold 232,000 shares of Garmin stock. The shares were sold at an average price of $51.36, for a total transaction of $11,915,520.00.
Shares of Garmin Ltd. (NASDAQ:GRMN) opened at 52.32 on Friday. Garmin Ltd. has a 12-month low of $46.80 and a 12-month high of $55.74. The company’s 50-day moving average is $51.72 and its 200-day moving average is $51.44. The stock has a market cap of $9.82 billion, a P/E ratio of 14.70 and a beta of 0.85.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. During the same quarter in the prior year, the firm posted $0.87 EPS. Garmin’s revenue was up .7% compared to the same quarter last year. On average, analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 3.90%. Garmin’s dividend payout ratio (DPR) is 57.46%.
Several large investors have recently bought and sold shares of GRMN. WFG Advisors LP boosted its position in shares of Garmin by 11.5% during the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after purchasing an additional 225 shares in the last quarter. US Bancorp DE boosted its position in shares of Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after purchasing an additional 180 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Garmin during the 1st quarter valued at about $156,000. Botty Investors LLC bought a new position in shares of Garmin during the 1st quarter valued at about $172,000. Finally, Cutler Group LP bought a new position in shares of Garmin during the 2nd quarter valued at about $188,000. Institutional investors own 39.79% of the company’s stock.
Several brokerages have recently weighed in on GRMN. Longbow Research reaffirmed a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. BidaskClub downgraded shares of Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $53.50.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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