Zurcher Kantonalbank Zurich Cantonalbank raised its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 10.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,425 shares of the scientific and technical instruments company's stock after purchasing an additional 9,741 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.05% of Garmin worth $21,126,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in GRMN. State Street Corp increased its position in Garmin by 2.0% in the 3rd quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company's stock valued at $1,216,819,000 after acquiring an additional 134,303 shares during the period. Geode Capital Management LLC grew its stake in shares of Garmin by 2.7% in the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company's stock worth $765,912,000 after purchasing an additional 112,815 shares in the last quarter. FMR LLC increased its holdings in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company's stock valued at $664,540,000 after purchasing an additional 1,093,219 shares during the period. Disciplined Growth Investors Inc. MN raised its stake in shares of Garmin by 3.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company's stock valued at $246,619,000 after purchasing an additional 48,645 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Garmin by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 889,838 shares of the scientific and technical instruments company's stock worth $183,538,000 after purchasing an additional 14,200 shares during the period. Institutional investors own 81.60% of the company's stock.
Wall Street Analysts Forecast Growth
GRMN has been the topic of several research analyst reports. Tigress Financial raised their target price on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. Morgan Stanley upgraded shares of Garmin to a "sell" rating and raised their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. JPMorgan Chase & Co. boosted their target price on Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. Finally, Barclays increased 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. 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.com, Garmin currently has an average rating of "Hold" and an average target price of $210.80.
Read Our Latest Research Report on GRMN
Garmin Price Performance
NYSE GRMN opened at $213.48 on Wednesday. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50. The company has a market capitalization of $41.07 billion, a P/E ratio of 29.20, a PEG ratio of 1.36 and a beta of 0.96. The company's 50 day simple moving average is $216.57 and its 200 day simple moving average is $200.15.
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, beating the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion for 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 firm's revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.72 earnings per share. On average, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.
Garmin Announces Dividend
The business 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 dividend on an annualized basis and a dividend yield of 1.69%. Garmin's dividend payout ratio (DPR) is 41.04%.
Insider Buying and Selling
In related news, CFO Douglas G. Boessen sold 1,761 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Susan Lyman sold 2,829 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the sale, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. This trade represents a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,103 shares of company stock valued at $5,852,364. 19.54% of the stock is owned by corporate insiders.
Garmin Company 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.
Further Reading
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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