DnB Asset Management AS Has $6.04 Million Stake in Garmin Ltd. (NYSE:GRMN)

DnB Asset Management AS lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 5.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,272 shares of the scientific and technical instruments company's stock after purchasing an additional 1,478 shares during the period. DnB Asset Management AS's holdings in Garmin were worth $6,038,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Passumpsic Savings Bank purchased a new stake in shares of Garmin in the third quarter worth about $3,137,000. Diversified Trust Co bought a new stake in Garmin in the fourth quarter worth $734,000. Montrusco Bolton Investments Inc. lifted its position in Garmin by 42.5% in the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company's stock valued at $88,937,000 after purchasing an additional 128,672 shares during the last quarter. Baskin Financial Services Inc. increased its position in shares of Garmin by 3.2% in the fourth quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company's stock valued at $30,724,000 after acquiring an additional 4,616 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company's stock valued at $50,570,000 after acquiring an additional 270,186 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

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Analysts Set New Price Targets

GRMN has been the subject of a number of research reports. Tigress Financial increased 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. JPMorgan Chase & Co. upped their price objective on Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Morgan Stanley raised Garmin to a "sell" rating and raised their price objective for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Barclays boosted their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a report on Thursday, February 20th. Three 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. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and an average price target of $210.80.

Insider Activity

In other news, COO Patrick Desbois sold 6,911 shares of the company'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 completion of the transaction, the chief operating officer now directly owns 63,048 shares of the company's stock, valued at approximately $14,321,353.20. This represents a 9.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $609,677.79. Following the sale, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. The trade was a 25.12 % decrease in their position. The disclosure for this sale can be found here. In 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 Down 14.7 %

Shares of NYSE GRMN traded down $32.03 during trading on Thursday, hitting $186.04. The company had a trading volume of 1,676,326 shares, compared to its average volume of 855,161. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50. The stock has a fifty day simple moving average of $217.38 and a two-hundred day simple moving average of $203.69. The firm has a market capitalization of $35.79 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN - Get Free Report) last released 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 analysts' consensus estimates of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business's revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.72 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Friday, March 13th. Garmin's dividend payout ratio is presently 49.25%.

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.