Garmin Ltd. (NYSE:GRMN – Get Rating) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,960,000 shares, a decrease of 11.3% from the August 15th total of 2,210,000 shares. Approximately 1.3% of the shares of the stock are short sold. Based on an average daily volume of 1,020,000 shares, the short-interest ratio is currently 1.9 days.
Analyst Ratings Changes
Several analysts have weighed in on GRMN shares. Bank of America cut Garmin from a "buy" rating to a "neutral" rating and lowered their price target for the company from $137.00 to $109.00 in a report on Tuesday, August 2nd. Morgan Stanley reduced their price objective on Garmin from $127.00 to $115.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 14th. Tigress Financial reduced their price objective on Garmin from $208.00 to $165.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 5th. Finally, TheStreet lowered Garmin from a "b" rating to a "c+" rating in a research report on Wednesday, July 27th. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $134.75.
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Garmin Stock Performance
GRMN traded up $1.61 on Monday, hitting $87.34. 971,950 shares of the company were exchanged, compared to its average volume of 1,098,380. The firm has a fifty day simple moving average of $95.67 and a two-hundred day simple moving average of $103.03. Garmin has a 12 month low of $85.24 and a 12 month high of $173.29. The stock has a market capitalization of $16.84 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 3.13 and a beta of 0.97.
Garmin (NYSE:GRMN – Get Rating) last posted its quarterly earnings results 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. Garmin had a return on equity of 17.71% and a net
margin of 20.31%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company earned $1.68 EPS. Garmin's revenue for the quarter was down 6.5% compared to the same quarter last year. On average, equities analysts expect that Garmin will post 4.9 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Clifton A. Pemble sold 9,550 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total transaction of $859,500.00. Following the sale, the chief executive officer now owns 135,950 shares of the company's stock, valued at approximately $12,235,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Garmin news, CEO Clifton A. Pemble sold 9,550 shares of the firm'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 sale, the chief executive officer now owns 135,950 shares of the company's stock, valued at approximately $12,235,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 16,089 shares of the firm'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 in the company, valued at approximately $14,231,355. The disclosure for this sale can be found here. 20.34% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Garmin
Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new stake in Garmin in the 1st quarter worth approximately $26,000. HWG Holdings LP purchased a new stake in Garmin in the 4th quarter worth approximately $35,000. Federated Hermes Inc. purchased a new stake in Garmin in the 2nd quarter worth approximately $29,000. Clear Street Markets LLC lifted its holdings in Garmin by 403.2% in the 2nd quarter. Clear Street Markets LLC now owns 317 shares of the scientific and technical instruments company's stock worth $31,000 after buying an additional 254 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Garmin in the 1st quarter worth approximately $45,000. 62.50% of the stock is currently owned by institutional investors.
About Garmin
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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.
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