DnB Asset Management AS Has $6.04 Million Holdings in Garmin Ltd. (NYSE:GRMN)

DnB Asset Management AS grew its holdings in Garmin Ltd. (NYSE:GRMN) by 5.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 29,272 shares of the scientific and technical instruments company’s stock after buying an additional 1,478 shares during the period. DnB Asset Management AS’s holdings in Garmin were worth $6,038,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Geneos Wealth Management Inc. increased its stake 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 during the period. Curbstone Financial Management Corp increased its stake in shares of Garmin by 1.3% in 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 acquiring an additional 50 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of 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 acquiring an additional 51 shares in the last quarter. Addison Advisors LLC boosted its position in Garmin by 11.1% during the fourth 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 Garmin by 1.4% in the fourth quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock valued at $788,000 after purchasing an additional 53 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Garmin Stock Down 1.6 %

NYSE:GRMN opened at $213.59 on Monday. The company’s 50 day moving average is $217.31 and its 200-day moving average is $203.03. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50. The firm has a market cap of $41.10 billion, a price-to-earnings ratio of 29.22, a P/E/G ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 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 firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm posted $1.72 EPS. The business’s quarterly revenue was up 22.9% on a year-over-year basis. Research analysts predict 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 paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.69%. Garmin’s payout ratio is 49.25%.

Insider Buying and Selling at Garmin

In other Garmin news, VP Susan Lyman sold 2,829 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. This trade represents a 25.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,763 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $226.55, for a total transaction of $625,957.65. Following the transaction, the chief financial officer now directly owns 30,936 shares of the company’s stock, valued at $7,008,550.80. This represents a 8.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,342 shares of company stock valued at $5,486,094 in the last 90 days. 19.54% of the stock is currently owned by insiders.

About Garmin

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.