Garmin Ltd. (NYSE:GRMN) Stock Position Decreased by Altshuler Shaham Ltd

Altshuler Shaham Ltd cut its holdings in Garmin Ltd. (NYSE:GRMN) by 31.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,877 shares of the scientific and technical instruments company’s stock after selling 873 shares during the quarter. Altshuler Shaham Ltd’s holdings in Garmin were worth $387,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Garmin during the 4th quarter worth $26,000. Aster Capital Management DIFC Ltd boosted its position in shares of Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 121 shares during the period. Pinnacle Bancorp Inc. bought a new stake in Garmin in the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. bought a new position in shares of Garmin during the 4th quarter worth about $37,000. Finally, Kentucky Trust Co bought a new stake in shares of Garmin in the fourth quarter valued at about $41,000. Institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of research reports. Morgan Stanley upgraded Garmin to a “sell” rating and raised their price objective for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Barclays boosted their price target on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Tigress Financial increased their price target 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. Finally, JPMorgan Chase & Co. lifted their price objective on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $210.80.

Insider Buying and Selling at Garmin

In related news, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. The trade was a 25.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the sale, the chief operating officer now directly owns 63,048 shares of the company’s stock, valued at approximately $14,321,353.20. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,342 shares of company stock valued at $5,486,094. Corporate insiders own 19.54% of the company’s stock.

Garmin Trading Down 1.6 %

Shares of NYSE:GRMN opened at $189.26 on Thursday. The stock has a market capitalization of $36.41 billion, a P/E ratio of 25.89, a P/E/G ratio of 1.36 and a beta of 0.92. Garmin Ltd. has a 1-year low of $138.86 and a 1-year high of $246.50. The business has a 50-day moving average price of $209.92 and a two-hundred day moving average price of $204.31.

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, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm’s revenue was up 22.9% on a year-over-year basis. During the same period last year, the company earned $1.72 EPS. As a group, equities analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The company also recently disclosed 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. This represents a $3.60 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s payout ratio is 49.25%.

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.