Insider Selling: Garmin Ltd. (GRMN) Major Shareholder Sells $13,188,890.00 in Stock
Garmin Ltd. (NASDAQ:GRMN) major shareholder Jonathan Burrell sold 253,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $52.13, for a total transaction of $13,188,890.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions 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 Monday, September 11th, Jonathan Burrell sold 127,000 shares of Garmin stock. The shares were sold at an average price of $52.25, for a total transaction of $6,635,750.00.
- 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 52.48 on Friday. The company’s 50-day moving average price is $51.74 and its 200-day moving average price is $51.44. The company has a market capitalization of $9.85 billion, a PE ratio of 14.75 and a beta of 0.85. Garmin Ltd. has a 1-year low of $46.80 and a 1-year high of $55.74.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.87 earnings per share. On average, equities analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.89%. Garmin’s payout ratio is currently 57.46%.
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Hedge funds have recently modified their holdings of the business. WFG Advisors LP increased its holdings in shares of Garmin by 11.5% during the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after acquiring an additional 225 shares in the last quarter. US Bancorp DE grew its holdings in Garmin by 8.8% during the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in Garmin during the first quarter worth $156,000. Botty Investors LLC bought a new stake in Garmin during the first quarter worth $172,000. Finally, Cutler Group LP bought a new stake in Garmin during the second quarter worth $188,000. Institutional investors and hedge funds own 39.79% of the company’s stock.
Several brokerages have recently commented on GRMN. BidaskClub upgraded shares of Garmin from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 22nd. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Longbow Research restated a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research note on Monday, July 10th. 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 company. The stock presently has an average rating of “Hold” and an average 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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