Andra AP fonden Reduces Holdings in Garmin Ltd. (NYSE:GRMN)

Andra AP fonden reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 57.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,400 shares of the scientific and technical instruments company’s stock after selling 58,300 shares during the period. Andra AP fonden’s holdings in Garmin were worth $8,745,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new stake in shares of Garmin during the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. purchased a new position in Garmin during the fourth quarter valued at $29,000. Larson Financial Group LLC lifted its position in Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. bought a new stake in Garmin during the fourth quarter valued at about $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Garmin in the third quarter worth about $39,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of analyst reports. Barclays lifted their price objective on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Tigress Financial lifted their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. increased their price objective 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. Finally, Morgan Stanley upgraded Garmin to a “sell” rating and increased their price target for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Garmin currently has an average rating of “Hold” and a consensus price target of $210.80.

Garmin Stock Performance

Shares of NYSE GRMN opened at $219.51 on Friday. The company has a market cap of $42.23 billion, a P/E ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The firm’s fifty day moving average is $216.28 and its two-hundred day moving average is $199.50.

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

Garmin Dividend Announcement

The firm also recently announced 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 1.64%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of Garmin 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 transaction, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at $33,963,108.50. This trade represents a 4.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,274 shares of company stock worth $5,242,686. 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.