Envestnet Asset Management Inc. grew its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 45.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 259,340 shares of the scientific and technical instruments company's stock after purchasing an additional 81,157 shares during the period. Envestnet Asset Management Inc. owned about 0.14% of Garmin worth $53,491,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Garmin during the 4th quarter valued at $396,184,000. Vanguard Group Inc. raised its position in Garmin by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company's stock worth $3,726,645,000 after acquiring an additional 215,344 shares during the period. Allianz Asset Management GmbH boosted its stake in Garmin by 32.2% in the fourth quarter. Allianz Asset Management GmbH now owns 675,950 shares of the scientific and technical instruments company's stock valued at $139,421,000 after acquiring an additional 164,818 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Garmin by 79.3% during the 4th quarter. Teacher Retirement System of Texas now owns 361,490 shares of the scientific and technical instruments company's stock valued at $74,561,000 after acquiring an additional 159,860 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Garmin during the 4th quarter worth approximately $32,795,000. 81.60% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on GRMN shares. JPMorgan Chase & Co. increased their price objective on Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Tigress Financial lifted their price objective on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a report on Wednesday, February 26th. Barclays upped their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a report on Thursday, February 20th. Finally, Morgan Stanley upgraded shares of Garmin to a "sell" rating and lifted their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin presently has an average rating of "Hold" and a consensus price target of $210.80.
Get Our Latest Analysis on Garmin
Insider Buying and Selling at Garmin
In other news, VP Susan Lyman sold 2,829 shares of Garmin 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 completion of the sale, the vice president now directly owns 8,432 shares of the company's stock, valued at approximately $1,817,180.32. The trade was a 25.12 % decrease in their position. The transaction 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 stock in a transaction on Friday, February 28th. The shares were sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the transaction, the chief financial officer now directly owns 30,936 shares in the company, valued at approximately $7,008,550.80. This represents a 8.20 % decrease in their position. 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 90 days. Corporate insiders own 19.54% of the company's stock.
Garmin Stock Performance
NYSE GRMN traded down $0.42 during trading hours on Tuesday, hitting $191.68. The company had a trading volume of 279,670 shares, compared to its average volume of 883,055. The firm has a market capitalization of $36.88 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 1.36 and a beta of 0.92. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The firm has a 50 day simple moving average of $211.03 and a 200 day simple moving average of $204.49.
Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data 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. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter in the previous year, the company earned $1.72 earnings per share. Garmin's revenue for the quarter was up 22.9% on a year-over-year basis. On average, research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.
Garmin Announces Dividend
The firm 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 $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 yield of 1.88%. Garmin's dividend payout ratio is currently 49.25%.
Garmin Company Profile
(
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.
See Also
Before you consider Garmin, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Garmin wasn't on the list.
While Garmin currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
