NEOS Investment Management LLC Buys 1,238 Shares of Garmin Ltd. (NYSE:GRMN)

NEOS Investment Management LLC grew its stake in shares of Garmin Ltd. (NYSE:GRMN) by 25.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,074 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,238 shares during the period. NEOS Investment Management LLC’s holdings in Garmin were worth $1,253,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of GRMN. Golden State Wealth Management LLC purchased a new position in Garmin in the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin during the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. purchased a new position in shares of Garmin during the 4th quarter valued at $37,000. Larson Financial Group LLC grew its stake in shares of Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares during the period. Finally, Kentucky Trust Co purchased a new stake in Garmin in the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on GRMN shares. 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 research report on Wednesday, February 26th. Morgan Stanley raised shares of Garmin to a “sell” rating and raised their price objective for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Barclays increased their target price on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised their price target on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $210.80.

Insider Buying and Selling

In related news, VP Susan Lyman sold 2,829 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the transaction, the vice president now owns 8,432 shares of the company’s stock, valued at $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 2,763 shares of Garmin stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $226.55, for a total value of $625,957.65. Following the sale, the chief financial officer now directly 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,342 shares of company stock worth $5,486,094. Insiders own 19.54% of the company’s stock.

Garmin Trading Down 1.6 %

Garmin stock opened at $213.59 on Friday. The firm’s 50 day simple moving average is $217.31 and its 200 day simple moving average is $202.89. Garmin Ltd. has a 1-year low of $138.86 and a 1-year high of $246.50. The firm has a market capitalization of $41.10 billion, a PE ratio of 29.22, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96.

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

Garmin Dividend Announcement

The firm 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 dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s payout ratio is 49.25%.

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.