Sequoia Financial Advisors LLC Has $700,000 Stake in Garmin Ltd. (NYSE:GRMN)

Sequoia Financial Advisors LLC grew its position in shares of Garmin Ltd. (NYSE:GRMN) by 56.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 3,396 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,221 shares during the period. Sequoia Financial Advisors LLC’s holdings in Garmin were worth $700,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in GRMN. OneDigital Investment Advisors LLC lifted its holdings in Garmin by 11.0% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,318 shares of the scientific and technical instruments company’s stock worth $1,288,000 after purchasing an additional 725 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Garmin by 9.8% in the 3rd quarter. CIBC Asset Management Inc now owns 17,998 shares of the scientific and technical instruments company’s stock worth $3,168,000 after purchasing an additional 1,607 shares during the last quarter. Claro Advisors LLC acquired a new stake in Garmin in the 3rd quarter worth approximately $242,000. Swiss National Bank lifted its holdings in Garmin by 0.4% in the 3rd quarter. Swiss National Bank now owns 456,000 shares of the scientific and technical instruments company’s stock worth $80,270,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its holdings in Garmin by 5.5% in the 3rd quarter. Prospera Financial Services Inc now owns 5,290 shares of the scientific and technical instruments company’s stock worth $932,000 after purchasing an additional 276 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Down 0.7 %

Shares of NYSE GRMN opened at $212.43 on Tuesday. The company has a market cap of $40.87 billion, a P/E ratio of 29.06, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50. The business’s 50 day moving average is $217.09 and its two-hundred day moving average is $201.06.

Garmin (NYSE:GRMN) last released its quarterly earnings data 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. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. Garmin’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.72 earnings per share. Sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share 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 given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is presently 41.04%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, VP Susan Lyman sold 2,829 shares of the business’s 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 sale, the vice president now owns 8,432 shares of the company’s stock, valued at $1,817,180.32. The trade was a 25.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the business’s 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 sale, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,103 shares of company stock worth $5,852,364. Company insiders own 19.54% of the company’s stock.

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.