Garmin director Jonathan Burrell sells shares worth over $6.6 million

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Written By Pinang Driod

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Jonathan Burrell, a director at Garmin Ltd . (NYSE:), has sold a portion of his holdings in the company, with transactions totaling over $6.6 million. The sales, which took place between March 13 and March 15, involved prices ranging from $146.15 to $148.89 per share.

On March 13, Burrell sold 15,000 shares at an average price of $148.89. The following day, he sold another 15,000 shares, this time at a slightly lower average price of $147.49. The final sale of 15,000 shares on March 15 was conducted at an average price of $146.15. These sales were executed automatically according to a pre-established trading plan adopted on December 1, 2023.

The recent filings also indicated various transactions coded as gifts, which do not affect the total sale value. These transactions reflect changes in ownership but are not associated with any direct financial benefit at the time of the transfer.

Investors may note that Burrell’s transactions were part of a planned trading strategy, as the sales occurred pursuant to a Rule 10b5-1 trading plan. Such plans allow company insiders to establish predetermined trading arrangements for selling stocks at a future date, which can provide a defense against potential accusations of trading on nonpublic information.

After these transactions, Burrell’s remaining direct and indirect holdings in Garmin Ltd. are substantial, with indirect ownership including trusts and limited liability companies as outlined in the footnotes of the filing.

Garmin Ltd., known for its GPS technology and wearable devices, continues to be a significant player in the navigation and fitness market. Insider sales can sometimes provide insights into an executive’s view of the company’s value, though they are often planned in advance and may not necessarily reflect immediate concerns about the company’s future performance.

InvestingPro Insights

Amidst the recent insider trading activity at Garmin Ltd. (NYSE:GRMN), investors may find it beneficial to consider the company’s financial health and performance metrics. Garmin boasts a strong balance sheet, highlighted by an important InvestingPro Tip that the company holds more cash than debt. This financial stability is a reassuring sign for investors, particularly in uncertain economic times.

Garmin’s commitment to rewarding shareholders is evident, as another InvestingPro Tip points out that the company has raised its dividend for 7 consecutive years, underscoring its consistent return to investors. Moreover, the company has maintained dividend payments for an impressive 22 consecutive years, indicating a reliable income stream for long-term investors.

InvestingPro Data provides additional context with key performance metrics:- The market capitalization of Garmin stands at a robust 27.96 billion USD.- The company’s P/E ratio is 21.59, which is considered reasonable in comparison to its near-term earnings growth, making it an attractive valuation point for potential investors.- With a revenue growth of 13.48% in the last quarter of 2023, Garmin demonstrates its ability to expand its market presence and financial reach.

Investors interested in a deeper analysis can explore more InvestingPro Tips for Garmin, with an additional 14 tips available at https://www.investing.com/pro/GRMN. To enhance your investment research, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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