Assetmark Inc. Trims Stake in Garmin Ltd. (NYSE:GRMN)

Assetmark Inc. lessened its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 33.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,330 shares of the scientific and technical instruments company's stock after selling 2,675 shares during the period. Assetmark Inc.'s holdings in Garmin were worth $1,099,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GRMN. Golden State Wealth Management LLC bought a new stake in shares of Garmin during the 4th quarter valued at about $26,000. Pinnacle Bancorp Inc. purchased a new stake in Garmin in the fourth quarter valued at approximately $29,000. Larson Financial Group LLC lifted its position in Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after purchasing an additional 162 shares during the last quarter. SOA Wealth Advisors LLC. purchased a new position in Garmin in the 4th quarter worth approximately $37,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Garmin in the 3rd quarter worth $39,000. Institutional investors own 81.60% of the company's stock.

Garmin Trading Down 0.9 %

Shares of NYSE:GRMN 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 stock's 50-day moving average price is $216.57 and its 200-day moving average price is $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 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 return on equity of 19.31% and a net margin of 22.42%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company earned $1.72 EPS. Garmin's revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.69%. Garmin's dividend payout ratio is currently 41.04%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GRMN. JPMorgan Chase & Co. lifted 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. Tigress Financial lifted their price target on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, February 26th. Morgan Stanley upgraded 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. Finally, Barclays boosted their target price on Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $210.80.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the completion of the transaction, the chief executive officer now owns 149,525 shares of the company's stock, valued at $33,963,108.50. This represents a 4.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares of the company's stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,103 shares of company stock valued at $5,852,364 in the last quarter. Company 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.

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