Garmin (NYSE:GRMN) Shares Down 3.5% – What’s Next?

Shares of Garmin Ltd. (NYSE:GRMN) dropped 3.5% on Monday . The company traded as low as $206.11 and last traded at $206.44. Approximately 86,923 shares traded hands during trading, a decline of 89% from the average daily volume of 781,458 shares. The stock had previously closed at $213.90.

Analysts Set New Price Targets

GRMN has been the topic of a number of research analyst reports. Morgan Stanley upgraded Garmin to a “sell” rating and upped their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. boosted their price target on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Barclays boosted their price target on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Finally, Tigress Financial boosted their price target on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have given a hold 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 “Hold” and a consensus target price of $210.80.

Garmin Stock Performance

The firm has a market capitalization of $40.27 billion, a P/E ratio of 28.64, a PEG ratio of 1.36 and a beta of 0.96. The firm has a 50-day moving average of $216.99 and a 200-day moving average of $200.84.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.72 EPS. On average, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.72%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Insider Activity at Garmin

In other Garmin news, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. The trade was a 25.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,103 shares of company stock valued at $5,852,364. 19.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Garmin

Hedge funds have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC purchased a new stake in shares of Garmin in the 4th quarter worth $26,000. Aster Capital Management DIFC Ltd increased its stake in shares of Garmin by 864.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin in the 4th quarter worth $29,000. Larson Financial Group LLC increased its stake in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares in the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin in the 4th quarter worth $37,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.