AGF Management Ltd. Sells 1,329 Shares of Garmin Ltd. (NYSE:GRMN)

AGF Management Ltd. reduced its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,214 shares of the scientific and technical instruments company's stock after selling 1,329 shares during the period. AGF Management Ltd.'s holdings in Garmin were worth $13,451,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Garmin by 123.2% during the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company's stock worth $49,889,000 after buying an additional 156,441 shares during the period. Passumpsic Savings Bank bought a new stake in Garmin in the 3rd quarter valued at $3,137,000. Advisors Asset Management Inc. boosted its holdings in Garmin by 24.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company's stock valued at $3,086,000 after purchasing an additional 3,415 shares during the period. Diversified Trust Co bought a new stake in Garmin in the 4th quarter valued at $734,000. Finally, Montrusco Bolton Investments Inc. boosted its holdings in Garmin by 42.5% in the 4th quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company's stock valued at $88,937,000 after purchasing an additional 128,672 shares during the period. 81.60% of the stock is owned by institutional investors.

Garmin Stock Down 0.9 %

Shares of Garmin stock opened at $213.48 on Wednesday. The stock has a market capitalization of $41.07 billion, a P/E ratio of 29.20, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. The company has a 50-day simple moving average of $216.57 and a 200 day simple moving average of $200.15. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50.

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

Garmin Announces Dividend

The business 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 $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's payout ratio is presently 41.04%.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the firm's 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 completion of the sale, the chief executive officer now owns 149,525 shares in the company, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,103 shares of company stock worth $5,852,364. 19.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

About Garmin

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.

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