Douglas G. Boessen, CFO and Treasurer of Garmin Ltd . (NASDAQ:NYSE:GRMN), has sold a total of $366,277 worth of company shares, according to a recent SEC filing. The sale comes as Garmin's stock has delivered an impressive 65% return year-to-date, with the company maintaining strong financials and a 22-year track record of consistent dividend payments. The transactions occurred on December 20, 2024, under a prearranged trading plan. Boessen sold shares at prices ranging from $205.4049 to $209.2519. Following these transactions, Boessen holds 27,612 shares, including 15,421 unvested shares from restricted stock unit awards. According to InvestingPro, Garmin currently appears overvalued relative to its Fair Value, though the company maintains excellent financial health with more cash than debt and strong profitability metrics. InvestingPro subscribers have access to 15+ additional key insights about Garmin's financial position and growth prospects.
In other recent news, Garmin Ltd. has been making significant strides in its financial performance. The company recently posted record-breaking third-quarter results for 2024, showing a 24% increase in consolidated revenue to $1.59 billion. This strong performance led to a gross margin expansion to 60% and a 62% year-over-year increase in operating income. Garmin also raised its full-year guidance to approximately $6.12 billion in revenue and a pro forma EPS of $6.85.
On the analyst front, Tigress Financial Partners increased its price target for Garmin to $265, maintaining a strong buy rating, while BofA Securities maintained its underperform rating, increasing the price target to $185. JPMorgan (NYSE:JPM), meanwhile, raised its price target for Garmin from $178 to $212, maintaining a neutral rating.
Garmin's growth was driven by robust performances across all business segments, including a 31% surge in fitness segment revenues and a 21% increase in outdoor segment revenues. The aviation and marine segments also contributed to the company's growth, with revenue increases of 3% and 22% respectively. The company's automotive OEM revenue witnessed a significant 53% increase, propelled by the successful launch of Garmin-designed domain controllers across all BMW (ETR:BMWG) Group car lines. These are just a few highlights from the company's recent developments.
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