Garmin Ltd. (NASDAQ:GRMN) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 12,846,923 shares, a growth of 12.0% from the August 31st total of 11,473,828 shares. Approximately 11.1% of the company’s stock are short sold. Based on an average trading volume of 1,654,450 shares, the short-interest ratio is currently 7.8 days.
In other news, VP Andrew R. Etkind sold 1,046 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $54.90, for a total transaction of $57,425.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Danny J. Bartel sold 786 shares of the firm’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $54.53, for a total value of $42,860.58. The disclosure for this sale can be found here. Insiders own 18.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in GRMN. Norges Bank bought a new position in shares of Garmin during the fourth quarter worth approximately $63,253,000. Chevy Chase Trust Holdings Inc. raised its position in shares of Garmin by 4.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 99,252 shares of the company’s stock worth $3,966,000 after buying an additional 3,912 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Garmin by 13.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,526 shares of the company’s stock worth $1,100,000 after buying an additional 3,241 shares in the last quarter. Exxonmobil Investment Management Inc. TX raised its position in shares of Garmin by 8.3% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 28,639 shares of the company’s stock worth $1,144,000 after buying an additional 2,188 shares in the last quarter. Finally, PGGM Investments raised its position in shares of Garmin by 2.5% in the first quarter. PGGM Investments now owns 71,363 shares of the company’s stock worth $2,852,000 after buying an additional 1,748 shares in the last quarter. 35.75% of the stock is owned by institutional investors and hedge funds.
Shares of Garmin (NASDAQ:GRMN) opened at 48.11 on Friday. The company has a market cap of $9.09 billion, a PE ratio of 18.29 and a beta of 0.82. Garmin has a 12-month low of $30.93 and a 12-month high of $56.19. The stock’s 50 day moving average price is $49.95 and its 200-day moving average price is $44.96.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.20. The business earned $812 million during the quarter, compared to analyst estimates of $763.37 million. Garmin had a net margin of 17.29% and a return on equity of 14.97%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, equities research analysts forecast that Garmin will post $2.53 earnings per share for the current year.
Several analysts have recently weighed in on GRMN shares. JPMorgan Chase & Co. restated a “sell” rating and set a $38.00 target price on shares of Garmin in a research note on Wednesday, July 20th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Garmin in a research note on Monday, August 1st. Raymond James Financial Inc. downgraded Garmin from an “outperform” rating to a “market perform” rating and raised their target price for the company from $30.93 to $54.38 in a research note on Monday, August 22nd. Longbow Research started coverage on Garmin in a research note on Wednesday, August 17th. They set a “neutral” rating for the company. Finally, Zacks Investment Research upgraded Garmin from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research note on Thursday, July 28th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $40.97.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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