Insider Selling: Garmin (NYSE:GRMN) CEO Sells 10,431 Shares of Stock

Garmin Ltd. (NYSE:GRMN) CEO Clifton Pemble sold 10,431 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the transaction, the chief executive officer directly owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This trade represents a 7.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Garmin Stock Down 2.7%

Shares of NYSE GRMN traded down $5.52 during trading on Wednesday, reaching $201.52. The company had a trading volume of 971,602 shares, compared to its average volume of 942,082. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69. The business’s 50-day moving average is $214.67 and its 200 day moving average is $222.33. The stock has a market cap of $38.76 billion, a PE ratio of 24.82, a P/E/G ratio of 2.34 and a beta of 1.01.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.99. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. Garmin’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the business earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Hedge Funds Weigh In On Garmin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quaker Wealth Management LLC increased its position in Garmin by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 264 shares in the last quarter. Groupe la Francaise bought a new position in shares of Garmin during the 1st quarter valued at approximately $33,000. Richardson Financial Services Inc. grew its stake in shares of Garmin by 62.2% during the 3rd quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 51 shares during the period. Cornerstone Planning Group LLC increased its holdings in Garmin by 788.9% in the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after acquiring an additional 142 shares in the last quarter. Finally, Tradewinds Capital Management LLC bought a new stake in Garmin during the 3rd quarter worth approximately $44,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Tigress Financial lifted their price target on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 30th. Morgan Stanley boosted their price objective on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price on the stock in a report on Wednesday, December 3rd. Finally, Barclays boosted their target price on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Garmin presently has an average rating of “Hold” and an average price target of $241.60.

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.