Garmin Ltd. (GRMN) Major Shareholder Jonathan Burrell Sells 127,000 Shares
Garmin Ltd. (NASDAQ:GRMN) major shareholder Jonathan Burrell sold 127,000 shares of Garmin stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $52.14, for a total value of $6,621,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Jonathan Burrell also recently made the following trade(s):
- On Wednesday, September 13th, Jonathan Burrell sold 253,000 shares of Garmin stock. The stock was sold at an average price of $52.13, for a total value of $13,188,890.00.
- On Monday, September 11th, Jonathan Burrell sold 127,000 shares of Garmin stock. The stock was sold at an average price of $52.25, for a total value of $6,635,750.00.
- On Tuesday, August 22nd, Jonathan Burrell sold 231,500 shares of Garmin stock. The stock was sold at an average price of $51.20, for a total value of $11,852,800.00.
- On Friday, August 11th, Jonathan Burrell sold 232,000 shares of Garmin stock. The stock was sold at an average price of $51.36, for a total value of $11,915,520.00.
Garmin Ltd. (NASDAQ GRMN) traded down 0.82% during mid-day trading on Thursday, hitting $52.11. 129,553 shares of the stock traded hands. Garmin Ltd. has a 12 month low of $46.05 and a 12 month high of $55.74. The stock has a 50-day moving average price of $51.72 and a 200-day moving average price of $51.42. The stock has a market cap of $9.78 billion, a P/E ratio of 14.64 and a beta of 0.85.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.07. The firm had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the company posted $0.87 EPS. On average, equities analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.88%. Garmin’s payout ratio is currently 57.46%.
Several research firms recently commented on GRMN. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub downgraded shares of Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Finally, Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $53.50.
Large investors have recently bought and sold shares of the stock. WFG Advisors LP boosted its position in shares of Garmin by 11.5% during the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after purchasing an additional 225 shares during the period. US Bancorp DE boosted its position in shares of Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after purchasing an additional 180 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Garmin during the 1st quarter worth approximately $156,000. Botty Investors LLC purchased a new position in shares of Garmin during the 1st quarter worth approximately $172,000. Finally, Cutler Group LP purchased a new position in shares of Garmin during the 2nd quarter worth approximately $188,000. 39.79% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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