Royal London Asset Management Ltd. lifted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,582 shares of the scientific and technical instruments company's stock after acquiring an additional 3,017 shares during the quarter. Royal London Asset Management Ltd.'s holdings in Garmin were worth $14,971,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its holdings in Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company's stock worth $1,216,819,000 after acquiring an additional 134,303 shares during the period. Geode Capital Management LLC increased its position in shares of Garmin by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company's stock valued at $765,912,000 after purchasing an additional 112,815 shares during the last quarter. FMR LLC increased its position in shares of Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company's stock valued at $664,540,000 after purchasing an additional 1,093,219 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in shares of Garmin by 3.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company's stock worth $246,619,000 after purchasing an additional 48,645 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Garmin by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 889,838 shares of the scientific and technical instruments company's stock worth $183,538,000 after buying an additional 14,200 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.
Garmin Stock Down 0.7 %
GRMN traded down $1.62 during trading on Wednesday, reaching $216.95. 781,590 shares of the company were exchanged, compared to its average volume of 806,063. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50. The company's 50-day moving average is $217.23 and its two-hundred day moving average is $202.32. The company has a market cap of $41.74 billion, a price-to-earnings ratio of 29.68, a P/E/G ratio of 1.36 and a beta of 0.96.
Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.51. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. Garmin's revenue was up 22.9% compared to the same quarter last year. During the same period last year, the business earned $1.72 earnings per share. Equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.
Garmin Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.66%. Garmin's payout ratio is currently 49.25%.
Insider Buying and Selling
In related news, CFO Douglas G. Boessen sold 2,763 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $7,008,550.80. This trade represents a 8.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Susan Lyman sold 2,829 shares of the business'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 completion of the transaction, the vice president now directly owns 8,432 shares of the company's stock, valued at approximately $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 quarter, insiders have sold 24,342 shares of company stock worth $5,486,094. Corporate insiders own 19.54% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on GRMN. Barclays boosted their target price 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. Morgan Stanley raised Garmin to a "sell" rating and increased their price objective for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price target on Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Finally, Tigress Financial lifted their price objective on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $210.80.
Read Our Latest Research Report on GRMN
About Garmin
(
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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