Enhancing Capital LLC Acquires New Position in Garmin Ltd. (NYSE:GRMN)

Enhancing Capital LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,824 shares of the scientific and technical instruments company's stock, valued at approximately $1,408,000. Garmin accounts for about 1.1% of Enhancing Capital LLC's holdings, making the stock its 29th largest position.

Other large investors have also recently added to or reduced their stakes in the company. Xponance Inc. increased its position in shares of Garmin by 6.1% in the 4th quarter. Xponance Inc. now owns 22,397 shares of the scientific and technical instruments company's stock valued at $4,620,000 after purchasing an additional 1,292 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $2,406,000. Generali Asset Management SPA SGR purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $3,382,000. Horizon Investments LLC increased its position in shares of Garmin by 2.2% in the 4th quarter. Horizon Investments LLC now owns 3,409 shares of the scientific and technical instruments company's stock valued at $703,000 after purchasing an additional 73 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Garmin by 63.0% in the 4th quarter. Advisors Asset Management Inc. now owns 28,580 shares of the scientific and technical instruments company's stock valued at $5,895,000 after purchasing an additional 11,051 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

A number of brokerages have commented on GRMN. Morgan Stanley raised shares of Garmin to a "sell" rating and increased their price objective for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Barclays upped their target price on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a report on Thursday, February 20th. Tigress Financial increased their target price on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. increased their target price on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $210.80.

Garmin Trading Up 0.5 %

Shares of NYSE GRMN traded up $1.07 during mid-day trading on Friday, reaching $209.78. The company had a trading volume of 4,656,071 shares, compared to its average volume of 804,818. The firm has a 50 day simple moving average of $216.96 and a two-hundred day simple moving average of $201.51. The stock has a market cap of $40.36 billion, a P/E ratio of 28.70, a PEG ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the firm posted $1.72 EPS. Garmin's revenue for the quarter was up 22.9% on a year-over-year basis. On average, equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.72%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is currently 41.04%.

Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the sale, the chief executive officer now owns 149,525 shares of the company's stock, valued at $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the completion of the sale, the chief operating officer now directly owns 63,048 shares in the company, valued at approximately $14,321,353.20. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,342 shares of company stock valued at $5,486,094. Insiders own 19.54% of the company's stock.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.