Insider Selling: Garmin Ltd. (GRMN) Chairman Sells $427,061.18 in Stock
Garmin Ltd. (NASDAQ:GRMN) Chairman Min H. Kao sold 6,617 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.54, for a total transaction of $427,061.18. Following the completion of the sale, the chairman now owns 1,908,046 shares in the company, valued at approximately $123,145,288.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
GRMN stock opened at $65.35 on Monday. The firm has a market cap of $12.64 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 2.63 and a beta of 0.96. Garmin Ltd. has a 52-week low of $50.85 and a 52-week high of $65.96.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.12. The firm had revenue of $894.50 million during the quarter, compared to the consensus estimate of $844.76 million. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. sell-side analysts forecast that Garmin Ltd. will post 3.3 EPS for the current fiscal year.
A number of analysts have weighed in on the stock. BidaskClub lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Longbow Research set a $72.00 price target on shares of Garmin and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Garmin has an average rating of “Hold” and an average target price of $62.80.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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