Meeder Asset Management Inc. Has $1.46 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Meeder Asset Management Inc. cut its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 15.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,079 shares of the scientific and technical instruments company's stock after selling 1,296 shares during the quarter. Meeder Asset Management Inc.'s holdings in Garmin were worth $1,460,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in Garmin during the fourth quarter valued at approximately $396,184,000. Jacobs Levy Equity Management Inc. increased its stake in Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company's stock valued at $50,570,000 after purchasing an additional 270,186 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Garmin by 1.2% during the fourth 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 purchasing an additional 215,344 shares during the period. Allianz Asset Management GmbH lifted its position in shares of 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 buying an additional 164,818 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Garmin by 79.3% in 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 buying an additional 159,860 shares during the period. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other Garmin news, CFO Douglas G. Boessen sold 2,763 shares of the firm's stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the transaction, the chief executive officer now directly owns 149,525 shares of the company's stock, valued at $33,963,108.50. This represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 24,342 shares of company stock valued at $5,486,094. Company insiders own 19.54% of the company's stock.

Garmin Trading Down 2.6 %

GRMN stock traded down $4.73 during mid-day trading on Friday, reaching $180.61. 1,157,676 shares of the stock traded hands, compared to its average volume of 861,851. The stock's fifty day moving average is $216.77 and its 200-day moving average is $203.57. The company has a market cap of $34.75 billion, a P/E ratio of 24.68, 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.

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 EPS for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm's quarterly revenue was up 22.9% compared to the same quarter last year. During the same period last year, the company posted $1.72 earnings per share. Equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is 49.25%.

Wall Street Analysts Forecast Growth

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

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.