Penobscot Investment Management Company Inc. Reduces Position in Garmin Ltd. (NYSE:GRMN)

Penobscot Investment Management Company Inc. reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 1.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,654 shares of the scientific and technical instruments company’s stock after selling 71 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Garmin were worth $754,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GRMN. Geneos Wealth Management Inc. grew its holdings in Garmin by 1.7% in 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 buying an additional 49 shares in the last quarter. Curbstone Financial Management Corp increased its position in 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 purchasing an additional 50 shares during the last quarter. Larson Financial Group LLC raised its stake in Garmin by 26.8% during the fourth quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock worth $50,000 after purchasing an additional 51 shares during the period. Addison Advisors LLC boosted its holdings in Garmin by 11.1% in the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after purchasing an additional 52 shares during the last quarter. Finally, HB Wealth Management LLC grew its stake 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 valued at $788,000 after buying an additional 53 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,763 shares of the business’s stock in a transaction that occurred 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 owns 30,936 shares in the company, valued at $7,008,550.80. The trade was 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 through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction that occurred 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 owns 149,525 shares in the company, valued at $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,342 shares of company stock valued at $5,486,094. Insiders own 19.54% of the company’s stock.

Garmin Stock Down 0.7 %

Shares of GRMN stock opened at $216.95 on Thursday. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The firm has a 50 day moving average of $217.30 and a two-hundred day moving average of $202.42. The stock has a market capitalization of $41.74 billion, a PE ratio of 29.68, a P/E/G ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last posted its quarterly 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 return on equity of 19.31% and a net margin of 22.42%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $1.72 EPS. Garmin’s revenue for the quarter was up 22.9% compared to the same quarter last year. Analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.66%. Garmin’s payout ratio is 49.25%.

Wall Street Analyst Weigh In

Several analysts have recently commented on GRMN shares. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Morgan Stanley raised Garmin to a “sell” rating and upped their price target for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Barclays raised their price objective on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Finally, 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 research report on Wednesday, February 26th. Three 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’s stock. Based on data from MarketBeat.com, Garmin has a consensus rating of “Hold” and an average target price of $210.80.

Garmin 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.