Korea Investment CORP Buys 5,200 Shares of Garmin Ltd. (NYSE:GRMN)

Korea Investment CORP boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 7.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,265 shares of the scientific and technical instruments company's stock after purchasing an additional 5,200 shares during the period. Korea Investment CORP's holdings in Garmin were worth $15,112,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Passumpsic Savings Bank bought a new position in Garmin in the 3rd quarter worth approximately $3,137,000. Diversified Trust Co bought a new stake in shares of Garmin during the fourth quarter worth $734,000. Montrusco Bolton Investments Inc. raised its position in shares of Garmin by 42.5% during the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company's stock worth $88,937,000 after acquiring an additional 128,672 shares during the last quarter. Baskin Financial Services Inc. boosted its holdings in Garmin by 3.2% in the fourth quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company's stock valued at $30,724,000 after acquiring an additional 4,616 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Garmin by 1,580.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company's stock worth $50,570,000 after purchasing an additional 270,186 shares during the period. Institutional investors own 81.60% of the company's stock.

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Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 2,763 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $226.55, for a total value of $625,957.65. Following the sale, the chief financial officer now owns 30,936 shares in the company, valued at approximately $7,008,550.80. The trade was a 8.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Susan Lyman sold 2,829 shares of the firm'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 transaction, the vice president now directly owns 8,432 shares of the company's stock, valued at $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock worth $5,486,094 over the last quarter. 19.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Tigress Financial upped their target price on shares of 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 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. JPMorgan Chase & Co. upped their target price 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. Finally, Morgan Stanley upgraded Garmin to a "sell" rating and raised their price target for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $210.80.

Garmin Stock Down 4.6 %

Shares of GRMN traded down $8.61 during trading hours on Friday, reaching $176.73. The stock had a trading volume of 419,097 shares, compared to its average volume of 858,998. The company has a market cap of $34.00 billion, a P/E ratio of 24.23, a P/E/G 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. The firm has a 50-day moving average of $216.77 and a 200 day moving average of $203.57.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (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 analysts' expectations of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company's revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.72 earnings per share. As a group, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's payout ratio is currently 49.25%.

Garmin Company 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.