By otakuyassine3@gmail.com 
Wellington Management Group LLP increased its holdings in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 10.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,281 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,669 shares during the quarter. Wellington Management Group LLP’s holdings in Garmin were worth $3,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of the business. Golden State Wealth Management LLC purchased a new position in Garmin in the 4th quarter worth about $26,000. Pinnacle Bancorp Inc. bought a new stake in shares of Garmin in the fourth quarter worth approximately $29,000. SOA Wealth Advisors LLC. purchased a new position in shares of Garmin during the fourth quarter valued at approximately $37,000. Kentucky Trust Co bought a new position in Garmin during the fourth quarter valued at approximately $41,000. Finally, Venturi Wealth Management LLC boosted its holdings in 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 worth $43,000 after purchasing an additional 84 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. 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. Tigress Financial upped their price objective on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. raised their target price on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley raised shares of Garmin to a “sell” rating and upped their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Three equities 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $210.80.
Check Out Our Latest Report on Garmin
Insider Transactions at Garmin
In related news, 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 transaction of $625,957.65. Following the completion of the sale, the chief financial officer now owns 30,936 shares in the company, valued at approximately $7,008,550.80. This trade represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $609,677.79. Following the completion of the transaction, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock valued at $5,486,094 over the last three months. Corporate insiders own 19.54% of the company’s stock.
Garmin Stock Performance
NYSE GRMN opened at $189.67 on Friday. The business’s fifty day moving average is $211.57 and its 200 day moving average is $204.16. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50. The company has a market capitalization of $36.49 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92.
Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.72 EPS. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.
Garmin Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid 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 1.90%. Garmin’s dividend payout ratio (DPR) 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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