HM Payson & Co. Grows Position in Garmin Ltd. (NYSE:GRMN)

HM Payson & Co. lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 28,883.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,217 shares of the scientific and technical instruments company's stock after acquiring an additional 5,199 shares during the quarter. HM Payson & Co.'s holdings in Garmin were worth $1,076,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Golden State Wealth Management LLC bought a new position in shares of Garmin in the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. bought a new position in shares of Garmin in the fourth quarter worth approximately $29,000. SOA Wealth Advisors LLC. bought a new stake in shares of Garmin during the 4th quarter valued at $37,000. Larson Financial Group LLC lifted its stake in shares of Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after buying an additional 162 shares in the last quarter. Finally, Kentucky Trust Co bought a new position in Garmin in the 4th quarter worth $41,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction that occurred on 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Munn sold 4,637 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the completion of the transaction, the director now directly owns 11,450 shares of the company's stock, valued at $2,579,799.50. This trade represents a 28.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,274 shares of company stock worth $5,242,686. 19.54% of the stock is currently owned by insiders.

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Analyst Upgrades and Downgrades

GRMN has been the topic of a number of recent analyst reports. Morgan Stanley raised Garmin to a "sell" rating and raised their price target for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price target on Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Tigress Financial boosted their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a report on Wednesday, February 26th. Finally, Barclays raised their target price 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. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Garmin has an average rating of "Hold" and a consensus price target of $210.80.

Garmin Stock Performance

GRMN stock traded down $2.40 during trading on Friday, hitting $219.51. 1,082,724 shares of the company's stock traded hands, compared to its average volume of 866,565. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The stock has a market capitalization of $42.23 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.96. The business has a fifty day simple moving average of $216.28 and a 200 day simple moving average of $199.65.

Garmin (NYSE:GRMN - Get Free Report) last announced 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 firm had revenue of $1.82 billion during 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 firm's revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.72 EPS. Research analysts forecast 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. This represents a $3.60 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, March 13th. Garmin's dividend payout ratio is currently 41.04%.

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.