Garmin Ltd. (NYSE:GRMN) Shares Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 108.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 185,893 shares of the scientific and technical instruments company's stock after acquiring an additional 96,525 shares during the quarter. Canada Pension Plan Investment Board owned 0.10% of Garmin worth $38,342,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in shares of Garmin during the fourth quarter worth about $26,000. Aster Capital Management DIFC Ltd lifted its holdings in Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after buying an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new position in Garmin in the 4th quarter valued at approximately $29,000. SOA Wealth Advisors LLC. acquired a new position in shares of Garmin in the fourth quarter worth $37,000. Finally, Kentucky Trust Co purchased a new stake in shares of Garmin during the fourth quarter worth $41,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

NYSE GRMN traded up $4.89 during trading hours on Thursday, hitting $198.72. The company had a trading volume of 182,732 shares, compared to its average volume of 1,002,819. The business has a 50 day moving average of $207.81 and a 200-day moving average of $204.95. The company has a market cap of $38.23 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. Garmin Ltd. has a 1-year low of $140.46 and a 1-year high of $246.50.

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, beating analysts' consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.72 EPS. Sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.81%. Garmin's dividend payout ratio (DPR) is 49.25%.

Insider Buying and Selling

In other Garmin news, VP Susan Lyman sold 2,829 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares of the company's stock, valued at $1,817,180.32. This represents a 25.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of Garmin 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 transaction, the chief executive officer now owns 149,525 shares in the company, valued at $33,963,108.50. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock worth $5,486,094 in the last 90 days. Company insiders own 19.54% of the company's stock.

Wall Street Analyst Weigh In

GRMN has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on Garmin from $260.00 to $220.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Barclays lifted their price target on shares of Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research note on Thursday, February 20th. Tigress Financial raised 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. Finally, Morgan Stanley upgraded shares of Garmin to a "sell" rating and boosted their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three equities 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $202.80.

Garmin 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.