Bcwm LLC purchased a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 34,855 shares of the scientific and technical instruments company's stock, valued at approximately $7,189,000. Garmin accounts for 2.6% of Bcwm LLC's holdings, making the stock its 17th biggest position.
Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock worth $33,000 after purchasing an additional 162 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Garmin by 0.3% in the third quarter. The Manufacturers Life Insurance Company now owns 109,361 shares of the scientific and technical instruments company's stock valued at $19,251,000 after buying an additional 366 shares during the period. Townsquare Capital LLC grew its stake in Garmin by 74.9% during the third quarter. Townsquare Capital LLC now owns 2,700 shares of the scientific and technical instruments company's stock worth $475,000 after buying an additional 1,156 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Garmin by 44.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 2,326 shares of the scientific and technical instruments company's stock valued at $409,000 after acquiring an additional 712 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Garmin by 82.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 92,684 shares of the scientific and technical instruments company's stock valued at $16,315,000 after acquiring an additional 41,771 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
GRMN has been the subject of several recent research reports. Morgan Stanley upgraded Garmin to a "sell" rating and increased their price target for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. raised their target price on Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. 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 research report on Wednesday, February 26th. Finally, Barclays lifted their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $210.80.
Get Our Latest Research Report on GRMN
Insider Transactions at Garmin
In other news, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction that occurred on 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 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 SEC, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,763 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $226.55, for a total transaction of $625,957.65. Following the transaction, the chief financial officer now owns 30,936 shares in the company, valued at $7,008,550.80. This represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,342 shares of company stock worth $5,486,094. Company insiders own 19.54% of the company's stock.
Garmin Stock Performance
Shares of NYSE GRMN traded down $31.16 during midday trading on Thursday, hitting $186.91. The company's stock had a trading volume of 1,444,013 shares, compared to its average volume of 961,835. The firm has a market cap of $35.96 billion, a P/E ratio of 25.57, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 1-year low of $138.86 and a 1-year high of $246.50. The firm's fifty day moving average price is $217.38 and its 200-day moving average price is $203.69.
Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business's revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.72 earnings per share. As a group, research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is 49.25%.
Garmin Profile
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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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