Arrowstreet Capital Limited Partnership grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 229.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,203 shares of the scientific and technical instruments company's stock after purchasing an additional 16,850 shares during the period. Arrowstreet Capital Limited Partnership's holdings in Garmin were worth $4,992,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Passumpsic Savings Bank acquired a new position in shares of Garmin in the 3rd quarter valued at approximately $3,137,000. Diversified Trust Co acquired a new stake in Garmin in the fourth quarter valued at $734,000. Montrusco Bolton Investments Inc. boosted its stake in Garmin by 42.5% during 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 acquiring an additional 128,672 shares during the last quarter. Baskin Financial Services Inc. grew its holdings in Garmin by 3.2% during the 4th quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company's stock worth $30,724,000 after acquiring an additional 4,616 shares in the last quarter. Finally, Savant Capital LLC increased its position in shares of Garmin by 47.2% in the 4th quarter. Savant Capital LLC now owns 9,075 shares of the scientific and technical instruments company's stock worth $1,872,000 after purchasing an additional 2,910 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.
Garmin Price Performance
Shares of GRMN traded up $2.84 during mid-day trading on Friday, hitting $189.67. The company's stock had a trading volume of 700,983 shares, compared to its average volume of 885,066. The firm has a 50-day moving average price of $211.57 and a 200 day moving average price of $204.16. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50. The stock has a market capitalization of $36.49 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 1.36 and a beta of 0.92.
Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the business posted $1.72 earnings per share. The firm's quarterly revenue was up 22.9% compared to the same quarter last year. As a group, equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
Garmin Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's dividend payout ratio is 49.25%.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on GRMN shares. JPMorgan Chase & Co. increased their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a research report on Thursday, February 20th. Barclays lifted their price target on Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a report on Thursday, February 20th. Morgan Stanley upgraded shares of Garmin to a "sell" rating and boosted their price target for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, Tigress Financial increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, Garmin presently has a consensus rating of "Hold" and a consensus price target of $210.80.
Check Out Our Latest Stock Analysis on GRMN
Insider Activity at Garmin
In related news, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction dated Wednesday, February 26th. The stock was 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 directly owns 149,525 shares of the company's stock, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Susan Lyman sold 2,829 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now owns 8,432 shares of the company's stock, valued at $1,817,180.32. The trade was a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock worth $5,486,094 in the last quarter. 19.54% of the stock is owned by company insiders.
About Garmin
(
Free Report)
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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