Mitsubishi UFJ Trust & Banking Corp lessened its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 23.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,640 shares of the scientific and technical instruments company's stock after selling 32,206 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.06% of Garmin worth $21,789,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of GRMN. FMR LLC increased its position in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company's stock worth $664,540,000 after purchasing an additional 1,093,219 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Garmin by 1,580.3% during the 3rd 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 buying an additional 270,186 shares during the last quarter. Vanguard Group Inc. increased its position in Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company's stock valued at $3,726,645,000 after buying an additional 215,344 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Garmin by 32.2% in the fourth quarter. Allianz Asset Management GmbH now owns 675,950 shares of the scientific and technical instruments company's stock valued at $139,421,000 after buying an additional 164,818 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in Garmin by 79.3% in the fourth quarter. Teacher Retirement System of Texas now owns 361,490 shares of the scientific and technical instruments company's stock worth $74,561,000 after acquiring an additional 159,860 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Barclays upped their price target 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. Tigress Financial lifted their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, February 26th. Finally, 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. Three research 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $210.80.
Check Out Our Latest Stock Report on Garmin
Garmin Price Performance
GRMN traded up $0.35 during trading on Tuesday, reaching $217.48. 900,084 shares of the company's stock were exchanged, compared to its average volume of 850,655. Garmin Ltd. has a 1 year low of $138.86 and a 1 year high of $246.50. The company's fifty day simple moving average is $217.34 and its 200-day simple moving average is $203.59. The stock has a market capitalization of $41.84 billion, a P/E ratio of 29.75, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96.
Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) 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 firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter last year, the company posted $1.72 earnings per share. The firm's revenue was up 22.9% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.
Garmin Announces Dividend
The business 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. 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 49.25%.
Insider Buying and Selling
In other news, Director Matthew Munn sold 4,637 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the sale, the director now directly owns 11,450 shares of the company's stock, valued at $2,579,799.50. This represents a 28.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Susan Lyman sold 2,829 shares of the firm'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 sale, the vice president now owns 8,432 shares in the company, valued at $1,817,180.32. This trade represents a 25.12 % 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 over the last ninety days. Company insiders own 19.54% of the company's stock.
Garmin Company Profile
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Free Report)
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.
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