108,374 Shares in Garmin Ltd. (NYSE:GRMN) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 108,374 shares of the scientific and technical instruments company's stock, valued at approximately $22,381,000. KLP Kapitalforvaltning AS owned 0.06% of Garmin as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GRMN. AXQ Capital LP bought a new stake in Garmin during the 4th quarter valued at approximately $1,010,000. Sei Investments Co. raised its stake in Garmin by 55.3% during the fourth quarter. Sei Investments Co. now owns 256,712 shares of the scientific and technical instruments company's stock valued at $52,950,000 after purchasing an additional 91,402 shares in the last quarter. American Century Companies Inc. lifted its position in Garmin by 4.9% during the fourth quarter. American Century Companies Inc. now owns 60,280 shares of the scientific and technical instruments company's stock valued at $12,433,000 after purchasing an additional 2,841 shares during the last quarter. Mizuho Securities USA LLC increased its holdings in shares of Garmin by 46.0% in the 4th quarter. Mizuho Securities USA LLC now owns 14,560 shares of the scientific and technical instruments company's stock worth $3,003,000 after buying an additional 4,589 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Garmin in the 4th quarter worth about $127,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

NYSE:GRMN traded down $0.22 during trading hours on Thursday, hitting $216.61. 736,816 shares of the company were exchanged, compared to its average volume of 806,657. The company's 50 day moving average price is $217.30 and its 200-day moving average price is $202.42. The stock has a market capitalization of $41.68 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52-week low of $138.86 and a 52-week 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 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 business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the business earned $1.72 EPS. The company's quarterly revenue was up 22.9% compared to the same quarter last year. On average, equities analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.66%. Garmin's payout ratio is currently 49.25%.

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a research report on Thursday, February 20th. Tigress Financial boosted 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. Barclays raised their price target on Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research report on Thursday, February 20th. Finally, Morgan Stanley upgraded Garmin to a "sell" rating and boosted their target price for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Three equities 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $210.80.

Insider Buying and Selling

In other Garmin news, VP Susan Lyman sold 2,829 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the transaction, the vice president now owns 8,432 shares in the company, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the sale, the chief executive officer now owns 149,525 shares in the company, valued at $33,963,108.50. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock valued at $5,486,094 over the last 90 days. Insiders own 19.54% of the company's stock.

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.