Garmin Ltd. (GRMN) Insider Sells $12,482,000.00 in Stock

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Garmin Ltd. (NASDAQ:GRMN) insider Min H. Kao sold 200,000 shares of Garmin stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $62.41, for a total transaction of $12,482,000.00. Following the sale, the insider now directly owns 1,799,429 shares in the company, valued at approximately $112,302,363.89. The sale was disclosed in a legal filing with the SEC, which is available at this link.

NASDAQ:GRMN traded up $2.85 during mid-day trading on Wednesday, hitting $65.90. 104,071 shares of the company’s stock were exchanged, compared to its average volume of 1,119,767. Garmin Ltd. has a one year low of $56.21 and a one year high of $70.77. The firm has a market capitalization of $12.19 billion, a P/E ratio of 22.44, a PEG ratio of 2.55 and a beta of 0.99.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.87 by $0.12. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The business had revenue of $894.50 million for the quarter, compared to analyst estimates of $844.76 million. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Garmin’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, analysts anticipate that Garmin Ltd. will post 3.3 earnings per share for the current year.

Several research firms recently commented on GRMN. BidaskClub raised shares of Garmin from a “sell” rating to a “hold” rating in a research note on Saturday. Morgan Stanley set a $77.00 price objective on shares of Garmin and gave the stock an “equal weight” rating in a research note on Friday, September 21st. Finally, Longbow Research set a $75.00 price objective on shares of Garmin and gave the stock a “buy” rating in a research note on Thursday, September 20th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $67.40.

Large investors have recently bought and sold shares of the stock. Raymond James & Associates boosted its stake in Garmin by 5.0% during the second quarter. Raymond James & Associates now owns 225,231 shares of the scientific and technical instruments company’s stock worth $13,739,000 after acquiring an additional 10,681 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Garmin by 119.3% in the second quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock worth $30,497,000 after buying an additional 272,012 shares during the last quarter. WINTON GROUP Ltd raised its holdings in Garmin by 442.4% in the second quarter. WINTON GROUP Ltd now owns 154,221 shares of the scientific and technical instruments company’s stock worth $9,407,000 after buying an additional 125,789 shares during the last quarter. Bank of Nova Scotia purchased a new position in Garmin in the second quarter worth about $201,000. Finally, Edgestream Partners L.P. raised its holdings in Garmin by 87.5% in the second quarter. Edgestream Partners L.P. now owns 14,358 shares of the scientific and technical instruments company’s stock worth $876,000 after buying an additional 6,700 shares during the last quarter. 38.79% of the stock is currently owned by institutional investors and hedge funds.

About Garmin

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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