XTX Topco Ltd Sells 2,034 Shares of Garmin Ltd. (NYSE:GRMN)

XTX Topco Ltd cut its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 53.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,762 shares of the scientific and technical instruments company's stock after selling 2,034 shares during the quarter. XTX Topco Ltd's holdings in Garmin were worth $363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. Golden State Wealth Management LLC purchased a new stake in Garmin in the fourth quarter worth about $26,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Garmin by 864.3% in 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 purchasing an additional 121 shares during the period. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin in the 4th quarter valued at approximately $29,000. SOA Wealth Advisors LLC. bought a new stake in shares of Garmin during the fourth quarter valued at approximately $37,000. Finally, Kentucky Trust Co purchased a new stake in Garmin in the fourth quarter worth $41,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Performance

Shares of GRMN stock opened at $191.40 on Wednesday. The stock has a fifty day simple moving average of $208.18 and a two-hundred day simple moving average of $205.03. The firm has a market capitalization of $36.83 billion, a PE 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 released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter last year, the business posted $1.72 earnings per share. The firm's revenue was up 22.9% on a year-over-year basis. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently declared 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. This represents a $3.60 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Friday, March 13th. Garmin's dividend payout ratio is presently 49.25%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GRMN shares. Barclays upped their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. decreased their target price on shares of Garmin from $260.00 to $220.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Tigress Financial boosted their price target on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley upgraded Garmin to a "sell" rating and upped their price target for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $202.80.

Insider Transactions at Garmin

In related news, VP Susan Lyman sold 2,829 shares of the stock in a transaction dated Monday, March 10th. The shares were 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 of the company's stock, valued at $1,817,180.32. This represents a 25.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Munn sold 4,637 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the transaction, the director now owns 11,450 shares of the company's stock, valued at $2,579,799.50. This trade represents a 28.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,342 shares of company stock worth $5,486,094. 19.54% of the stock is currently owned by company insiders.

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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