Garmin Ltd. (NYSE:GRMN) Position Lifted by Totem Point Management LLC

Totem Point Management LLC increased its position in shares of Garmin Ltd. (NYSE:GRMN) by 80.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,513 shares of the scientific and technical instruments company’s stock after acquiring an additional 7,793 shares during the quarter. Garmin makes up about 3.8% of Totem Point Management LLC’s portfolio, making the stock its 10th biggest 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 hedge funds have also recently modified their holdings of GRMN. Golden State Wealth Management LLC acquired a new position in Garmin in the fourth quarter valued at approximately $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 last quarter. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin during the 4th quarter worth $29,000. SOA Wealth Advisors LLC. purchased a new stake in Garmin in the 4th quarter valued at about $37,000. Finally, Kentucky Trust Co acquired a new position in Garmin in the fourth quarter valued at about $41,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

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

Garmin Trading Up 2.4 %

Garmin stock opened at $191.40 on Wednesday. The stock 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. The stock has a 50 day moving average of $208.18 and a two-hundred day moving average of $205.03. Garmin Ltd. has a twelve month low of $140.46 and a twelve month high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm’s revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.72 earnings per share. Equities analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The company 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. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is currently 49.25%.

Insider Activity at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the company’s stock in a transaction 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 sale, the vice president now directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction dated 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 sale, the chief executive officer now owns 149,525 shares of the company’s stock, 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. Insiders sold 24,342 shares of company stock valued at $5,486,094 in the last ninety days. Corporate insiders own 19.54% of the company’s stock.

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.