Garmin Ltd. (NASDAQ:GRMN) Short Interest Update

Garmin Ltd. (NASDAQ:GRMN) was the target of a large growth in short interest during the month of May. As of May 29th, there was short interest totalling 5,090,000 shares, a growth of 18.1% from the May 14th total of 4,310,000 shares. Based on an average daily volume of 1,220,000 shares, the short-interest ratio is currently 4.2 days. Currently, 3.7% of the shares of the stock are short sold.

A number of research firms have recently commented on GRMN. Cfra lowered their target price on Garmin from $104.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research report on Thursday, May 28th. Credit Suisse Group boosted their target price on shares of Garmin from $100.00 to $104.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Cleveland Research raised shares of Garmin from a “neutral” rating to a “buy” rating in a report on Monday, March 16th. Finally, Zacks Investment Research upgraded Garmin from a “sell” rating to a “hold” rating and set a $91.00 price target for the company in a research report on Wednesday, May 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $91.50.

In other news, Director Matthew Munn sold 1,500 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $80.84, for a total transaction of $121,260.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.00% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its position in Garmin by 6.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 152,859 shares of the scientific and technical instruments company’s stock valued at $11,458,000 after acquiring an additional 9,203 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Garmin by 45.1% during the first quarter. HighTower Advisors LLC now owns 23,631 shares of the scientific and technical instruments company’s stock valued at $1,770,000 after purchasing an additional 7,341 shares during the period. Johnson Investment Counsel Inc. boosted its stake in shares of Garmin by 107.7% during the first quarter. Johnson Investment Counsel Inc. now owns 7,415 shares of the scientific and technical instruments company’s stock valued at $636,000 after purchasing an additional 3,845 shares during the period. X Square Capital LLC grew its holdings in shares of Garmin by 18.3% in the first quarter. X Square Capital LLC now owns 3,079 shares of the scientific and technical instruments company’s stock worth $231,000 after purchasing an additional 476 shares during the last quarter. Finally, Twinbeech Capital LP increased its stake in Garmin by 181.9% in the 1st quarter. Twinbeech Capital LP now owns 19,887 shares of the scientific and technical instruments company’s stock worth $1,491,000 after buying an additional 12,833 shares during the period. 46.95% of the stock is owned by hedge funds and other institutional investors.

Shares of Garmin stock traded up $0.85 during trading on Friday, hitting $91.67. The stock had a trading volume of 605,679 shares, compared to its average volume of 1,146,223. Garmin has a 12 month low of $61.04 and a 12 month high of $105.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.75 and a quick ratio of 2.74. The firm’s fifty day simple moving average is $84.89 and its 200-day simple moving average is $89.25. The stock has a market cap of $17.46 billion, a PE ratio of 18.01, a PEG ratio of 3.96 and a beta of 0.99.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.07. The company had revenue of $856.11 million for the quarter, compared to analyst estimates of $817.65 million. Garmin had a net margin of 25.30% and a return on equity of 19.38%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 EPS. Analysts expect that Garmin will post 3.14 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Stockholders of record on Monday, March 15th will be issued a $0.61 dividend. The ex-dividend date is Friday, March 12th. This represents a $2.44 annualized dividend and a dividend yield of 2.66%. Garmin’s payout ratio is 51.24%.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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