Sit Investment Associates Inc. Sells 5,560 Shares of Garmin Ltd. (NYSE:GRMN)

Sit Investment Associates Inc. reduced its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 21.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,894 shares of the scientific and technical instruments company's stock after selling 5,560 shares during the quarter. Sit Investment Associates Inc.'s holdings in Garmin were worth $4,103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GRMN. Golden State Wealth Management LLC purchased a new stake in shares of Garmin during the 4th quarter valued at about $26,000. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin during the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. acquired a new position in shares of Garmin during the fourth quarter worth $37,000. Kentucky Trust Co acquired a new position in shares of Garmin during the fourth quarter worth $41,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Garmin by 67.7% in the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock valued at $43,000 after purchasing an additional 84 shares during the period. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares of the company's stock, valued at approximately $33,963,108.50. The trade was a 4.60 % 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, CFO Douglas G. Boessen sold 2,763 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $226.55, for a total value of $625,957.65. Following the transaction, the chief financial officer now owns 30,936 shares of the company's stock, valued at approximately $7,008,550.80. This trade represents a 8.20 % 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. 19.54% of the stock is currently owned by insiders.

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Analyst Ratings Changes

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

Garmin Stock Up 1.1 %

Shares of GRMN stock traded up $2.13 during mid-day trading on Friday, reaching $188.96. The stock had a trading volume of 211,284 shares, compared to its average volume of 881,674. Garmin Ltd. has a one year low of $138.86 and a one year high of $246.50. The firm has a market cap of $36.36 billion, a PE ratio of 25.83, a P/E/G ratio of 1.36 and a beta of 0.92. The firm's 50 day simple moving average is $212.14 and its 200 day simple moving average is $204.05.

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

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given 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 yield of 1.91%. Garmin's payout ratio is 49.25%.

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.