NewEdge Advisors LLC Has $1.14 Million Position in Garmin Ltd. (NYSE:GRMN)

NewEdge Advisors LLC trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 4.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,540 shares of the scientific and technical instruments company’s stock after selling 255 shares during the period. NewEdge Advisors LLC’s holdings in Garmin were worth $1,143,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Garmin during the fourth quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd boosted its holdings 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 buying an additional 121 shares during the last quarter. Pinnacle Bancorp Inc. bought a new position in shares of Garmin in the fourth quarter valued at $29,000. SOA Wealth Advisors LLC. bought a new stake in Garmin during the fourth quarter worth $37,000. Finally, Kentucky Trust Co bought a new stake in Garmin during the fourth quarter worth $41,000. Institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

GRMN has been the topic of several recent analyst reports. Tigress Financial boosted their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price objective 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 lifted their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Barclays increased their price target on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus target price of $202.80.

Garmin Stock Performance

GRMN opened at $199.27 on Friday. The stock has a fifty day moving average of $207.55 and a 200-day moving average of $205.20. Garmin Ltd. has a fifty-two week low of $140.46 and a fifty-two week high of $246.50. The company has a market capitalization of $38.34 billion, a P/E ratio of 27.26, a P/E/G ratio of 1.36 and a beta of 0.92.

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

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.81%. Garmin’s dividend payout ratio (DPR) is presently 49.25%.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,763 shares of the company’s stock in a transaction on 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 directly owns 30,936 shares in the company, valued at $7,008,550.80. This represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly 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. Insiders sold 24,342 shares of company stock valued at $5,486,094 in the last three months. Corporate insiders own 19.54% of the company’s stock.

Garmin Company 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.