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Garmin Ltd. (NYSE:GRMN - Get Rating) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 2,320,000 shares, an increase of 18.4% from the August 31st total of 1,960,000 shares. Based on an average trading volume of 1,060,000 shares, the days-to-cover ratio is presently 2.2 days. Currently, 1.5% of the company's stock are sold short. Insider Transactions at Garmin
In other news, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the sale, the chief executive officer now directly owns 145,500 shares of the company's stock, valued at $14,231,355. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Clifton A. Pemble sold 9,550 shares of the business's stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total value of $859,500.00. Following the completion of the sale, the chief executive officer now directly owns 135,950 shares of the company's stock, valued at $12,235,500. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 16,089 shares of the business's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $97.81, for a total value of $1,573,665.09. Following the completion of the sale, the chief executive officer now directly owns 145,500 shares of the company's stock, valued at $14,231,355. The disclosure for this sale can be found here. Corporate insiders own 20.34% of the company's stock. Hedge Funds Weigh In On Garmin
Several hedge funds and other institutional investors have recently made changes to their positions in GRMN. Kestra Private Wealth Services LLC lifted its position in Garmin by 4.7% in the first quarter. Kestra Private Wealth Services LLC now owns 18,730 shares of the scientific and technical instruments company's stock worth $2,222,000 after purchasing an additional 848 shares during the period. B. Riley Wealth Management Inc. acquired a new stake in Garmin in the first quarter worth approximately $287,000. Veriti Management LLC lifted its position in Garmin by 15.5% in the first quarter. Veriti Management LLC now owns 5,477 shares of the scientific and technical instruments company's stock worth $650,000 after purchasing an additional 734 shares during the period. Norinchukin Bank The lifted its position in Garmin by 8.9% in the first quarter. Norinchukin Bank The now owns 14,231 shares of the scientific and technical instruments company's stock worth $1,688,000 after purchasing an additional 1,159 shares during the period. Finally, Farmers & Merchants Investments Inc. lifted its position in Garmin by 1.6% in the first quarter. Farmers & Merchants Investments Inc. now owns 12,505 shares of the scientific and technical instruments company's stock worth $1,483,000 after purchasing an additional 196 shares during the period. 62.50% of the stock is currently owned by institutional investors and hedge funds. Analyst Ratings Changes
Several brokerages recently weighed in on GRMN. Tigress Financial lowered their price objective on Garmin from $208.00 to $165.00 and set a "strong-buy" rating for the company in a report on Friday, August 5th. TheStreet downgraded Garmin from a "b" rating to a "c+" rating in a research note on Wednesday, July 27th. Bank of America downgraded Garmin from a "buy" rating to a "neutral" rating and decreased their target price for the company from $137.00 to $109.00 in a research note on Tuesday, August 2nd. Finally, Morgan Stanley decreased their target price on Garmin from $127.00 to $115.00 and set an "equal weight" rating for the company in a research note on Tuesday, June 14th. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin has a consensus rating of "Moderate Buy" and an average target price of $134.75.Garmin Price Performance
Shares of NYSE GRMN traded down $1.46 during midday trading on Friday, hitting $80.31. 957,152 shares of the company's stock were exchanged, compared to its average volume of 1,082,938. The stock's 50 day moving average price is $92.14 and its 200-day moving average price is $101.44. The firm has a market cap of $15.49 billion, a P/E ratio of 15.33, a PEG ratio of 2.98 and a beta of 0.97. Garmin has a twelve month low of $80.22 and a twelve month high of $165.84.
Garmin (NYSE:GRMN - Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.02. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.37 billion. Garmin had a return on equity of 17.71% and a net margin of 20.31%. The business's revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.68 earnings per share. On average, analysts expect that Garmin will post 4.9 EPS for the current fiscal year. Garmin Company Profile (Get Rating)
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.Recommended StoriesGet a free copy of the StockNews.com research report on Garmin (GRMN)EV Battery Maker Freyr Set For Major Global Expansion MarketBeat: Week in Review 9/26 – 9/30This Is A Memorable Time To Buy Into Micron TechnologyDeclining Profits Challenge the CarMax Value Proposition Thor Industries Hammers Out A Bottom
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