Martingale Asset Management L P Lowers Holdings in Garmin Ltd. (NYSE:GRMN)

Martingale Asset Management L P decreased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 45.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,197 shares of the scientific and technical instruments company's stock after selling 2,696 shares during the period. Martingale Asset Management L P's holdings in Garmin were worth $659,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GRMN. Golden State Wealth Management LLC purchased a new position in Garmin in the fourth quarter worth about $26,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $28,000 after buying an additional 121 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Garmin during the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. purchased a new position in Garmin in the 4th quarter worth approximately $37,000. Finally, Kentucky Trust Co purchased a new position in shares of Garmin in the fourth quarter worth $41,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of NYSE:GRMN traded up $0.24 during trading on Tuesday, hitting $192.34. The company's stock had a trading volume of 579,358 shares, compared to its average volume of 884,106. The company has a 50-day moving average of $210.49 and a 200-day moving average of $204.41. The firm has a market cap of $37.01 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 1.36 and a beta of 0.92. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50.

Remove Ads

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the firm earned $1.72 earnings per share. The company's quarterly revenue was up 22.9% on a year-over-year basis. As a group, research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business 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. This represents a $3.60 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's dividend payout ratio (DPR) is currently 49.25%.

Analyst Upgrades and Downgrades

GRMN has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. Morgan Stanley raised shares of Garmin to a "sell" rating and boosted their price objective for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. Barclays raised their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a report on Thursday, February 20th. Finally, Tigress Financial lifted their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and an average price target of $210.80.

Insider Activity

In other Garmin news, VP Susan Lyman sold 2,829 shares of Garmin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the transaction, the vice president now owns 8,432 shares of the company's stock, valued at $1,817,180.32. The trade was a 25.12 % 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, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction 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 approximately $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock valued at $5,486,094 in the last ninety days. Corporate insiders own 19.54% of the company's stock.

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.