Schonfeld Strategic Advisors LLC Increases Stock Position in Garmin Ltd. (NYSE:GRMN)

Schonfeld Strategic Advisors LLC raised its position in Garmin Ltd. (NYSE:GRMN) by 390.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 38,930 shares of the scientific and technical instruments company’s stock after purchasing an additional 30,988 shares during the period. Schonfeld Strategic Advisors LLC’s holdings in Garmin were worth $8,030,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of GRMN. Golden State Wealth Management LLC acquired a new stake in shares of Garmin during the 4th quarter valued at about $26,000. Aster Capital Management DIFC Ltd boosted its position in Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new stake in Garmin in the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $37,000. Finally, Kentucky Trust Co acquired a new position in shares of Garmin during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction that occurred 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 transaction, the chief executive officer now owns 149,525 shares in the company, valued at approximately $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the sale, the chief operating officer now owns 63,048 shares in the company, valued at approximately $14,321,353.20. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,342 shares of company stock valued at $5,486,094. Corporate insiders own 19.54% of the company’s stock.

Garmin Trading Up 0.1 %

Shares of NYSE:GRMN opened at $187.08 on Friday. The business has a 50-day moving average price of $204.43 and a 200 day moving average price of $206.22. Garmin Ltd. has a 12-month low of $158.38 and a 12-month high of $246.50. The company has a market capitalization of $36.04 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 1.36 and a beta of 0.92.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.92%. Garmin’s dividend payout ratio is presently 49.25%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GRMN shares. Barclays dropped their price target on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research note on Wednesday. Morgan Stanley boosted their target price on shares of Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research note on Thursday. Tigress Financial raised their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. cut their price objective on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Garmin has an average rating of “Hold” and a consensus target price of $194.80.

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.