Totem Point Management LLC Boosts Stock Position in Garmin Ltd. (NYSE:GRMN)

Totem Point Management LLC lifted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 80.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,513 shares of the scientific and technical instruments company's stock after acquiring an additional 7,793 shares during the period. Garmin accounts for about 3.8% of Totem Point Management LLC's investment portfolio, making the stock its 10th largest holding. Totem Point Management LLC's holdings in Garmin were worth $3,612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GRMN. Golden State Wealth Management LLC bought a new stake in shares of Garmin during the fourth quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd lifted its stake in Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $28,000 after acquiring an additional 121 shares during the period. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin during the 4th quarter valued at about $29,000. SOA Wealth Advisors LLC. bought a new stake in shares of Garmin in the fourth quarter worth approximately $37,000. Finally, Kentucky Trust Co bought a new position in Garmin during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Buying and Selling at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the company'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 owns 8,432 shares in the company, valued at $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the sale, the chief executive officer now owns 149,525 shares in the company, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,342 shares of company stock worth $5,486,094. 19.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price target on Garmin from $260.00 to $220.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Morgan Stanley upgraded Garmin to a "sell" rating and boosted their price target for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Tigress Financial raised 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 upped 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 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $202.80.

Garmin Stock Performance

Shares of NYSE GRMN opened at $191.40 on Wednesday. The stock has a 50 day moving average price of $208.18 and a 200 day moving average price of $205.03. The firm has a market capitalization of $36.83 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 1.36 and a beta of 0.92. Garmin Ltd. has a 52-week low of $140.46 and a 52-week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly 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 business 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%. The company's quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.72 EPS. Analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.88%. The ex-dividend date is Friday, March 13th. Garmin's dividend payout ratio is presently 49.25%.

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.

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