Harvest Investment Services LLC acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,639 shares of the scientific and technical instruments company's stock, valued at approximately $338,000.
Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Garmin in the fourth quarter worth approximately $396,184,000. Vanguard Group Inc. raised its holdings in Garmin by 1.2% in the 4th 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 last quarter. Allianz Asset Management GmbH raised its holdings in Garmin by 32.2% in the 4th quarter. Allianz Asset Management GmbH now owns 675,950 shares of the scientific and technical instruments company's stock worth $139,421,000 after acquiring an additional 164,818 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in 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 purchasing an additional 159,860 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Garmin in the 4th quarter worth $32,795,000. 81.60% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
GRMN has been the topic of several recent analyst reports. Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price target on shares of Garmin from $260.00 to $220.00 and set a "neutral" rating on the stock in a report on Thursday, April 17th. Barclays boosted 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 raised their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Garmin presently has an average rating of "Hold" and an average price target of $202.80.
Get Our Latest Stock Report on Garmin
Insider Buying and Selling at Garmin
In other news, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the transaction, the chief executive officer now owns 149,525 shares of the company's stock, valued at $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 2,763 shares of Garmin stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 30,936 shares in the company, valued at $7,008,550.80. This trade represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,342 shares of company stock valued at $5,486,094 over the last 90 days. 19.54% of the stock is currently owned by corporate insiders.
Garmin Trading Up 2.4 %
GRMN opened at $191.40 on Wednesday. Garmin Ltd. has a 1-year low of $140.46 and a 1-year high of $246.50. The firm's 50 day simple moving average is $208.18 and its two-hundred day simple moving average is $205.03. The company has a market capitalization of $36.83 billion, a PE ratio of 26.18, a PEG ratio of 1.36 and a beta of 0.92.
Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the business earned $1.72 earnings per share. Garmin's quarterly revenue was up 22.9% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Dividend Announcement
The company 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 dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's payout ratio is 49.25%.
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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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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