Corient Private Wealth LLC Has $3.76 Million Stake in Garmin Ltd. (NYSE:GRMN)

Corient Private Wealth LLC lifted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,222 shares of the scientific and technical instruments company’s stock after purchasing an additional 977 shares during the period. Corient Private Wealth LLC’s holdings in Garmin were worth $3,759,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Citigroup Inc. lifted its holdings in Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after buying an additional 156,441 shares during the period. Passumpsic Savings Bank acquired a new position in Garmin in the third quarter valued at approximately $3,137,000. Advisors Asset Management Inc. lifted its holdings in Garmin by 24.2% in the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock valued at $3,086,000 after buying an additional 3,415 shares during the period. Diversified Trust Co acquired a new position in Garmin in the fourth quarter valued at approximately $734,000. Finally, Montrusco Bolton Investments Inc. lifted its holdings in Garmin by 42.5% in the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company’s stock valued at $88,937,000 after buying an additional 128,672 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Garmin to a “sell” rating and increased their price objective for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. increased their target price on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Tigress Financial increased their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Finally, Barclays increased their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Garmin currently has a consensus rating of “Hold” and a consensus price target of $210.80.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,763 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the transaction, the chief financial officer now owns 30,936 shares of the company’s stock, valued at approximately $7,008,550.80. This trade 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 accessible through this hyperlink. 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 transaction 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 approximately $33,963,108.50. This trade 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 over the last quarter. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Up 0.5 %

Shares of GRMN stock opened at $209.78 on Friday. The firm has a fifty day moving average of $216.96 and a 200-day moving average of $201.66. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50. The company has a market capitalization of $40.36 billion, a price-to-earnings ratio of 28.70, a P/E/G ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last issued its quarterly earnings data 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 net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the firm earned $1.72 earnings per share. The firm’s revenue was up 22.9% compared to the same quarter last year. On average, equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is 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.