Envestnet Portfolio Solutions Inc. Has $1.35 Million Position in Garmin Ltd. (NYSE:GRMN)

Envestnet Portfolio Solutions Inc. grew its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 192.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,551 shares of the scientific and technical instruments company's stock after purchasing an additional 4,311 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Garmin were worth $1,351,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of GRMN. Prospera Financial Services Inc grew its position in Garmin by 5.5% in the third quarter. Prospera Financial Services Inc now owns 5,290 shares of the scientific and technical instruments company's stock valued at $932,000 after purchasing an additional 276 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Garmin by 10.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 17,604 shares of the scientific and technical instruments company's stock valued at $3,099,000 after acquiring an additional 1,637 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of 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 acquiring an additional 3,415 shares in the last quarter. King Luther Capital Management Corp increased its position in shares of Garmin by 1.6% in the third quarter. King Luther Capital Management Corp now owns 8,973 shares of the scientific and technical instruments company's stock valued at $1,580,000 after acquiring an additional 141 shares during the last quarter. Finally, Cypress Capital Group raised its holdings in Garmin by 6.5% during the third quarter. Cypress Capital Group now owns 1,892 shares of the scientific and technical instruments company's stock worth $333,000 after acquiring an additional 115 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of research firms have weighed in on GRMN. Barclays raised their price target on Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Tigress Financial boosted their target price 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. JPMorgan Chase & Co. upped 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. Finally, Morgan Stanley upgraded shares of Garmin to a "sell" rating and boosted their price objective for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, Garmin has a consensus rating of "Hold" and an average target price of $210.80.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares in the company, valued at $33,963,108.50. This represents a 4.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the transaction, the chief operating officer now directly owns 63,048 shares in the company, valued at $14,321,353.20. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock valued at $5,486,094 in the last ninety days. 19.54% of the stock is currently owned by corporate insiders.

Garmin Price Performance

GRMN stock traded down $1.62 during midday trading on Wednesday, reaching $216.95. 781,590 shares of the company were exchanged, compared to its average volume of 806,063. The firm has a market capitalization of $41.74 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. The business has a 50-day moving average price of $217.23 and a two-hundred day moving average price of $202.32. Garmin Ltd. has a one year low of $138.86 and a one year high of $246.50.

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

Garmin Announces Dividend

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 paid 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 1.66%. Garmin's dividend payout ratio (DPR) is presently 49.25%.

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.