Corton Capital Inc. Has $295,000 Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Corton Capital Inc. lowered its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 21.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,429 shares of the scientific and technical instruments company’s stock after selling 393 shares during the period. Corton Capital Inc.’s holdings in Garmin were worth $295,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of GRMN. Diversified Trust Co acquired a new stake in shares of Garmin in the 4th quarter valued at approximately $734,000. Montrusco Bolton Investments Inc. boosted its position in Garmin by 42.5% in the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company’s stock valued at $88,937,000 after buying an additional 128,672 shares in the last quarter. Baskin Financial Services Inc. grew its stake in shares of Garmin by 3.2% during the fourth quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company’s stock worth $30,724,000 after buying an additional 4,616 shares during the last quarter. Savant Capital LLC increased its holdings in shares of Garmin by 47.2% during the fourth quarter. Savant Capital LLC now owns 9,075 shares of the scientific and technical instruments company’s stock worth $1,872,000 after buying an additional 2,910 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Garmin in the 4th quarter valued at $127,000. 81.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on GRMN shares. Barclays reduced their price objective on Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley boosted their price target on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a report on Thursday, May 1st. Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. cut their target price on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Three investment 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 stock. According to data from MarketBeat.com, Garmin has an average rating of “Hold” and a consensus price target of $194.80.

Garmin Stock Performance

NYSE:GRMN opened at $187.34 on Wednesday. Garmin Ltd. has a 52 week low of $158.38 and a 52 week high of $246.50. The firm’s fifty day moving average is $202.28 and its 200-day moving average is $206.97. The firm has a market cap of $36.09 billion, a P/E ratio of 25.63, a P/E/G ratio of 1.36 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 earnings per share. As a group, sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business 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 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is 47.37%.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the transaction, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,763 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the transaction, the chief financial officer now owns 30,936 shares in the company, valued at approximately $7,008,550.80. The trade was a 8.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock worth $5,486,094 in the last quarter. 19.54% of the stock is owned by corporate insiders.

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.