NEOS Investment Management LLC Acquires 1,238 Shares of Garmin Ltd. (NYSE:GRMN)

NEOS Investment Management LLC increased its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 25.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,074 shares of the scientific and technical instruments company's stock after buying an additional 1,238 shares during the period. NEOS Investment Management LLC's holdings in Garmin were worth $1,253,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GRMN. Golden State Wealth Management LLC acquired a new position in shares of Garmin during the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. bought a new position in Garmin in the 4th quarter worth approximately $29,000. Larson Financial Group LLC lifted its holdings in Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock worth $33,000 after buying an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. bought a new position in Garmin in the 4th quarter valued at $37,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Garmin in the 3rd quarter valued at $39,000. Institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

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

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Garmin Trading Down 16.6 %

Shares of GRMN stock traded down $36.10 on Thursday, reaching $181.97. The company had a trading volume of 898,933 shares, compared to its average volume of 852,066. The stock has a market cap of $35.01 billion, a PE ratio of 24.89, a PEG ratio of 1.36 and a beta of 0.96. The company has a 50-day moving average of $217.38 and a 200-day moving average of $203.69. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50.

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

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.98%. Garmin's dividend payout ratio is presently 49.25%.

Insider Buying and Selling at Garmin

In other Garmin news, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the transaction, the chief operating officer now owns 63,048 shares of the company's stock, valued at approximately $14,321,353.20. The trade was a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Susan Lyman sold 2,829 shares of the stock in a transaction 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 sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,342 shares of company stock valued at $5,486,094. Company insiders own 19.54% of the company's stock.

About Garmin

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.