Garmin Ltd. (NYSE:GRMN) Director Matthew Munn Sells 4,536 Shares

Posted by Defense World Staff on Mar 1st, 2023

Garmin Ltd. (NYSE:GRMN – Get Rating) Director Matthew Munn sold 4,536 shares of the stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $98.36, for a total value of $446,160.96. Following the completion of the sale, the director now directly owns 9,023 shares of the company’s stock, valued at $887,502.28. The sale was disclosed in a filing with the SEC, which is available at this link.

Matthew Munn also recently made the following trade(s):

On Thursday, December 15th, Matthew Munn sold 1,797 shares of Garmin stock. The stock was sold at an average price of $92.96, for a total value of $167,049.12.

Garmin Stock Performance

NYSE GRMN opened at $98.13 on Wednesday. The stock has a fifty day moving average of $96.77 and a 200-day moving average of $90.47. The stock has a market capitalization of $18.78 billion, a P/E ratio of 19.47, a price-to-earnings-growth ratio of 3.41 and a beta of 0.95. Garmin Ltd. has a 52 week low of $76.37 and a 52 week high of $121.74.

Garmin (NYSE:GRMN – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.21. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.32 billion. Garmin had a return on equity of 16.41% and a net margin of 20.03%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.55 earnings per share. Equities research analysts forecast that Garmin Ltd. will post 5.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays increased their price objective on Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a report on Thursday, February 23rd. Morgan Stanley raised their price objective on Garmin from $91.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 23rd. Finally, JPMorgan Chase & Co. raised their target price on Garmin from $108.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, February 23rd. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $123.17.

Institutional Trading of Garmin

Institutional investors and hedge funds have recently bought and sold shares of the stock. U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Garmin in the 4th quarter valued at about $27,000. Federated Hermes Inc. purchased a new position in shares of Garmin during the 2nd quarter valued at $29,000. Ronald Blue Trust Inc. lifted its holdings in shares of Garmin by 45.2% during the 4th quarter. Ronald Blue Trust Inc. now owns 363 shares of the scientific and technical instruments company’s stock worth $29,000 after acquiring an additional 113 shares during the last quarter. Rise Advisors LLC lifted its stake in Garmin by 4,250.0% in the third quarter. Rise Advisors LLC now owns 435 shares of the scientific and technical instruments company’s stock worth $35,000 after purchasing an additional 425 shares during the last quarter. Finally, Dupont Capital Management Corp bought a new stake in Garmin in the third quarter worth $35,000. 63.29% of the stock is currently owned by institutional investors and hedge funds.

Garmin Company Profile

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.