Sei Investments Co. Raises Stake in Garmin Ltd. (NYSE:GRMN)

Sei Investments Co. boosted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 55.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 256,712 shares of the scientific and technical instruments company's stock after buying an additional 91,402 shares during the period. Sei Investments Co. owned approximately 0.13% of Garmin worth $52,950,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GRMN. State Street Corp grew its holdings in shares of 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 valued at $1,216,819,000 after buying an additional 134,303 shares during the last quarter. Geode Capital Management LLC lifted its position in Garmin by 2.7% in 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 acquiring an additional 112,815 shares in the last quarter. FMR LLC lifted its position in Garmin by 40.8% in 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 acquiring an additional 1,093,219 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its stake in 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 valued at $246,619,000 after purchasing an additional 48,645 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Garmin by 1.6% during 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 purchasing an additional 14,200 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Garmin Stock Down 0.1 %

GRMN stock traded down $0.22 during midday trading on Thursday, hitting $216.61. The company's stock had a trading volume of 736,816 shares, compared to its average volume of 806,270. The stock has a market cap of $41.68 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 1.36 and a beta of 0.96. The stock's 50-day moving average price is $217.30 and its 200 day moving average price is $202.42. Garmin Ltd. has a 1 year low of $138.86 and a 1 year high of $246.50.

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

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.66%. Garmin's dividend payout ratio (DPR) is presently 49.25%.

Insider Activity at Garmin

In related news, VP Susan Lyman sold 2,829 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. The trade was a 25.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Munn sold 4,637 shares of the company's 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 in the company, valued at approximately $2,579,799.50. This trade represents a 28.82 % decrease in their ownership of the stock. 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. Insiders own 19.54% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, February 20th. Morgan Stanley raised Garmin to a "sell" rating and increased their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. 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 report on Wednesday, February 26th. Finally, Barclays increased their target price on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a report on Thursday, February 20th. Three research 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. According to MarketBeat.com, Garmin has a consensus rating of "Hold" and an average price target of $210.80.

Garmin 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.