Garmin Ltd. (NASDAQ:GRMN) was the recipient of a significant drop in short interest in January. As of January 31st, there was short interest totalling 11,814,900 shares, a drop of 12.5% from the January 12th total of 13,497,151 shares. Based on an average daily trading volume, of 1,312,562 shares, the days-to-cover ratio is presently 9.0 days. Approximately 10.6% of the company’s shares are short sold.

A number of equities analysts recently commented on the company. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. BidaskClub raised Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, February 8th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Friday, December 15th. KeyCorp reissued a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Finally, Credit Suisse Group reissued an “underperform” rating and set a $58.00 target price (up previously from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $56.71.

Shares of Garmin (GRMN) opened at $61.97 on Tuesday. The stock has a market capitalization of $11,620.00, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 2.48 and a beta of 0.94. Garmin has a one year low of $48.50 and a one year high of $64.96.

In related news, major shareholder Jonathan Burrell sold 254,000 shares of Garmin stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $62.45, for a total transaction of $15,862,300.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Philip Straub sold 2,453 shares of Garmin stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $61.91, for a total value of $151,865.23. The disclosure for this sale can be found here. In the last quarter, insiders have sold 510,208 shares of company stock worth $31,394,399. 18.30% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. James Investment Research Inc. increased its stake in Garmin by 908.8% during the fourth quarter. James Investment Research Inc. now owns 28,500 shares of the scientific and technical instruments company’s stock worth $1,698,000 after acquiring an additional 25,675 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Garmin in the second quarter valued at $376,000. Royal Bank of Canada grew its stake in shares of Garmin by 30.4% in the second quarter. Royal Bank of Canada now owns 231,794 shares of the scientific and technical instruments company’s stock valued at $11,827,000 after buying an additional 53,984 shares in the last quarter. Invictus RG acquired a new stake in shares of Garmin in the third quarter valued at $739,000. Finally, Janus Henderson Group PLC grew its stake in shares of Garmin by 8,318.2% in the second quarter. Janus Henderson Group PLC now owns 1,257,516 shares of the scientific and technical instruments company’s stock valued at $64,171,000 after buying an additional 1,242,578 shares in the last quarter. 41.05% of the stock is owned by institutional investors.

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About Garmin

Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.

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