Douglas G. Boessen, the Chief Financial Officer and Treasurer of Garmin Ltd . (NASDAQ:NYSE:GRMN), recently executed a series of transactions involving the company's registered shares. According to a Form 4 filing with the Securities and Exchange Commission, Boessen sold a total of 894 shares on December 16, 2024. The sales were conducted at prices ranging from $215.9987 to $218.7182 per share, yielding a total value of $193,654. The transaction comes as Garmin shows impressive market performance, with a 73% return over the past year and maintaining strong financial health, according to InvestingPro data.
In addition to these sales, Boessen also received 3,933 restricted stock units on December 15, 2024, which will vest in three equal annual installments starting in December 2025. This acquisition was reported at a price of $0 per share, reflecting its nature as a stock grant.
The transactions were part of a Rule 10b5-1 trading plan adopted by Boessen on August 12, 2024. Following these transactions, Boessen holds 29,373 shares in Garmin, including 15,421 unvested shares acquired through previously granted restricted stock unit awards.
In other recent news, Garmin Ltd. has posted record-breaking financial performance with a 24% increase in consolidated revenue to $1.59 billion in the third quarter of 2024. The firm's fitness and outdoor segments showed robust growth, with revenues surging by 31% and 21% respectively, largely attributed to strong demand for wearable technology and the success of adventure watches. The firm's aviation and marine segments also contributed to the company's growth, with aviation revenue seeing a 3% increase and marine revenue jumping 22%, driven by the strategic acquisition of JL Audio.
Garmin's automotive original equipment manufacturer (OEM) revenue witnessed a significant 53% increase, thanks to the successful launch of Garmin-designed domain controllers across all BMW (ETR:BMWG) Group car lines. Analysts from Tigress Financial Partners, BofA Securities, and JPMorgan have provided varied outlooks for Garmin. While Tigress Financial Partners maintains a strong buy rating and a target price of $265, BofA Securities maintains an underperform rating with a target price of $185. JPMorgan, on the other hand, maintains a neutral rating and increased the target price from $178 to $212.
These are recent developments that investors should note. Despite some challenges in the auto OEM business, Garmin's overall strong performance has led to raised revenue and profit forecasts from analysts. The firm's commitment to innovation and operational efficiency continues to drive revenue growth and create value for shareholders.
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