Garmin Ltd. (NYSE:GRMN) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,108,512 shares of the scientific and technical instruments company's stock after selling 53,722 shares during the quarter. Wells Fargo & Company MN owned about 0.58% of Garmin worth $228,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new stake in shares of Garmin in the fourth quarter worth $26,000. Pinnacle Bancorp Inc. acquired a new stake in Garmin in the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. acquired a new stake in Garmin in the 4th quarter valued at $37,000. Kentucky Trust Co purchased a new position in Garmin in the fourth quarter valued at about $41,000. Finally, Venturi Wealth Management LLC lifted its stake in shares of Garmin by 67.7% during the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock worth $43,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Trading Up 1.5 %

GRMN stock traded up $2.84 during midday trading on Friday, hitting $189.67. 700,983 shares of the company's stock were exchanged, compared to its average volume of 885,066. The stock has a market capitalization of $36.49 billion, a price-to-earnings ratio of 25.95, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. The firm has a 50 day moving average price of $211.57 and a 200-day moving average price of $204.16. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50.

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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 firm had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm's quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.72 earnings per share. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

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 dividend on an annualized basis and a yield of 1.90%. Garmin's dividend payout ratio (DPR) is 49.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Tigress Financial increased their target price on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Barclays lifted their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Finally, Morgan Stanley upgraded shares of Garmin to a "sell" rating and upped their target price for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $210.80.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,763 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $226.55, for a total transaction of $625,957.65. Following the completion of the sale, the chief financial officer now owns 30,936 shares in the company, valued at $7,008,550.80. The trade was a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction 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 approximately $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,342 shares of company stock worth $5,486,094 over the last quarter. 19.54% of the stock is owned by corporate insiders.

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.