Pinnacle Wealth Planning Services Inc. Has $204,000 Position in Garmin Ltd. (NYSE:GRMN)

Pinnacle Wealth Planning Services Inc. cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 42.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 987 shares of the scientific and technical instruments company’s stock after selling 737 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Garmin were worth $204,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its holdings in Garmin by 1.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock valued at $591,000 after purchasing an additional 49 shares during the last quarter. Curbstone Financial Management Corp increased its holdings in shares of Garmin by 1.3% during the fourth quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock worth $802,000 after buying an additional 50 shares in the last quarter. Addison Advisors LLC raised its stake in shares of Garmin by 11.1% in the fourth quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after acquiring an additional 52 shares during the last quarter. HB Wealth Management LLC boosted its holdings in shares of Garmin by 1.4% in the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock worth $788,000 after acquiring an additional 53 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Garmin by 0.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 13,185 shares of the scientific and technical instruments company’s stock worth $2,720,000 after acquiring an additional 55 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In related news, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the transaction, the chief operating officer now owns 63,048 shares of the company’s stock, valued at $14,321,353.20. This trade represents a 9.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at $5,743,019.88. The trade was a 6.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,274 shares of company stock worth $5,242,686. Insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Morgan Stanley upgraded Garmin to a “sell” rating and lifted their price objective for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Tigress Financial lifted their price target on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. Barclays increased their price objective on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Three equities research 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $210.80.

Garmin Stock Down 1.1 %

Shares of GRMN opened at $219.51 on Friday. The stock’s fifty day simple moving average is $216.28 and its 200-day simple moving average is $199.34. The firm has a market capitalization of $42.23 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50.

Garmin (NYSE:GRMN) 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, 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 company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the company posted $1.72 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. Analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is presently 41.04%.

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.