Garmin Ltd. (NYSE:GRMN) EVP Patrick Desbois Sells 3,991 Shares of Stock

Posted by Defense World Staff on Mar 1st, 2023

Garmin Ltd. (NYSE:GRMN – Get Rating) EVP Patrick Desbois sold 3,991 shares of the stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $98.50, for a total transaction of $393,113.50. Following the sale, the executive vice president now owns 47,050 shares in the company, valued at approximately $4,634,425. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Garmin Trading Down 0.3 %

GRMN opened at $98.13 on Wednesday. Garmin Ltd. has a 12-month low of $76.37 and a 12-month high of $121.74. The company has a market cap of $18.78 billion, a price-to-earnings ratio of 19.47, a PEG ratio of 3.41 and a beta of 0.95. The company’s 50 day moving average is $96.77 and its 200 day moving average is $90.47.

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

Wall Street Analyst Weigh In

GRMN has been the subject of several analyst reports. Barclays raised their price target on shares of Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. Morgan Stanley boosted their price target on shares of Garmin from $91.00 to $99.00 and gave the stock an “equal weight” rating in a report on Thursday, February 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $108.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, February 23rd. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $123.17.

Institutional Trading of Garmin

A number of large investors have recently made changes to their positions in GRMN. Retirement Systems of Alabama raised its holdings in Garmin by 1.3% in the third quarter. Retirement Systems of Alabama now owns 51,245 shares of the scientific and technical instruments company’s stock worth $4,115,000 after purchasing an additional 666 shares in the last quarter. Prudential PLC boosted its position in Garmin by 14.7% in the third quarter. Prudential PLC now owns 3,893 shares of the scientific and technical instruments company’s stock valued at $313,000 after buying an additional 498 shares during the last quarter. Pictet Asset Management SA boosted its position in Garmin by 4.9% in the 2nd quarter. Pictet Asset Management SA now owns 2,302,545 shares of the scientific and technical instruments company’s stock worth $226,225,000 after purchasing an additional 108,086 shares in the last quarter. South Dakota Investment Council purchased a new stake in Garmin in the 3rd quarter worth approximately $104,000. Finally, The Manufacturers Life Insurance Company boosted its position in Garmin by 2.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 113,586 shares of the scientific and technical instruments company’s stock worth $9,122,000 after purchasing an additional 2,636 shares in the last quarter. 63.29% of the stock is owned by hedge funds and other institutional investors.

About Garmin

(Get Rating)

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.