Shares of Garmin Ltd. (NYSE:GRMN - Get Free Report) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $238.56 and last traded at $242.31, with a volume of 417781 shares changing hands. The stock had previously closed at $214.78.
The scientific and technical instruments company reported $2.41 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm's revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.72 earnings per share.
Garmin Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.60%. Garmin's dividend payout ratio (DPR) is presently 41.04%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on GRMN shares. Morgan Stanley raised Garmin to a "sell" rating and increased their price target for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. increased their price target on Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a report on Thursday. Barclays increased their price target on Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a report on Thursday. Finally, Tigress Financial raised their target price on Garmin from $215.00 to $265.00 and gave the company a "strong-buy" rating in a report on Monday, December 16th. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $195.67.
Get Our Latest Research Report on GRMN
Insider Transactions at Garmin
In other news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares of the company's stock, valued at $5,743,019.88. The trade was a 6.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 19.54% of the company's stock.
Institutional Trading of Garmin
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. Golden State Wealth Management LLC purchased a new stake in Garmin during the 4th quarter worth about $26,000. Aster Capital Management DIFC Ltd grew its holdings in 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 valued at $28,000 after buying an additional 121 shares during the period. Pinnacle Bancorp Inc. purchased a new stake in Garmin in the 4th quarter valued at about $29,000. Larson Financial Group LLC grew its holdings in 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 valued at $33,000 after buying an additional 162 shares during the period. Finally, SOA Wealth Advisors LLC. purchased a new stake in Garmin in the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 81.60% of the company's stock.
Garmin Stock Performance
The company has a market cap of $43.14 billion, a PE ratio of 30.73, a PEG ratio of 1.44 and a beta of 0.98. The firm has a fifty day simple moving average of $213.24 and a 200 day simple moving average of $195.07.
Garmin Company Profile
(
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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.
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