Geode Capital Management LLC grew its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 1.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,438,796 shares of the scientific and technical instruments company's stock after buying an additional 75,332 shares during the quarter. Geode Capital Management LLC owned 2.31% of Garmin worth $913,544,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. National Bank of Canada FI lifted its position in shares of Garmin by 454.6% during the 4th quarter. National Bank of Canada FI now owns 86,433 shares of the scientific and technical instruments company's stock worth $17,831,000 after buying an additional 70,849 shares during the last quarter. HighPoint Advisor Group LLC bought a new position in shares of Garmin in the fourth quarter worth about $210,000. Franklin Resources Inc. boosted its stake in shares of Garmin by 5.1% in the 4th quarter. Franklin Resources Inc. now owns 142,387 shares of the scientific and technical instruments company's stock valued at $29,369,000 after purchasing an additional 6,910 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Garmin by 10.0% during the 4th quarter. Wellington Management Group LLP now owns 18,281 shares of the scientific and technical instruments company's stock valued at $3,771,000 after purchasing an additional 1,669 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Garmin by 30.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,286 shares of the scientific and technical instruments company's stock worth $2,122,000 after purchasing an additional 2,413 shares in the last quarter. Institutional investors own 81.60% of the company's stock.
Garmin Stock Down 3.9 %
GRMN traded down $7.16 during midday trading on Friday, hitting $178.18. 2,506,525 shares of the company were exchanged, compared to its average volume of 869,197. The firm's 50 day moving average price is $216.05 and its 200-day moving average price is $203.83. The firm has a market capitalization of $34.28 billion, a P/E ratio of 24.37, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 1-year low of $138.86 and a 1-year high of $246.50.
Garmin (NYSE:GRMN - Get Free Report) last issued 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. The business 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 business's quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.72 earnings per share. On average, sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders 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 dividend yield of 2.02%. Garmin's dividend payout ratio is presently 49.25%.
Analyst Upgrades and Downgrades
GRMN has been the topic of a number of research reports. Morgan Stanley raised shares of Garmin to a "sell" rating and boosted their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Barclays boosted their price objective on Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research report on Thursday, February 20th. 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 report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. boosted their price target on Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. Three investment 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 stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $210.80.
Get Our Latest Research Report on Garmin
Insider Buying and Selling
In other Garmin news, VP Susan Lyman sold 2,829 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Munn sold 4,637 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the completion of the sale, the director now directly owns 11,450 shares of the company's stock, valued at $2,579,799.50. The trade was a 28.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,342 shares of company stock valued at $5,486,094. 19.54% of the stock is owned by company insiders.
About Garmin
(
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.
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