Martingale Asset Management L P Has $659,000 Stake in Garmin Ltd. (NYSE:GRMN)

Martingale Asset Management L P lowered its stake in Garmin Ltd. (NYSE:GRMN) by 45.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,197 shares of the scientific and technical instruments company’s stock after selling 2,696 shares during the period. Martingale Asset Management L P’s holdings in Garmin were worth $659,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Golden State Wealth Management LLC acquired a new stake in Garmin in the 4th quarter worth approximately $26,000. Aster Capital Management DIFC Ltd lifted its stake 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 worth $28,000 after buying an additional 121 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Garmin during the 4th quarter worth $29,000. SOA Wealth Advisors LLC. acquired a new position in Garmin in the 4th quarter valued at $37,000. Finally, Kentucky Trust Co bought a new position in Garmin in the 4th quarter worth $41,000. Institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GRMN. JPMorgan Chase & Co. upped their price target on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Barclays raised their target price on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Morgan Stanley upgraded Garmin to a “sell” rating and upped their price target for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Finally, Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock 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 assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $210.80.

Garmin Stock Up 1.5 %

Garmin stock opened at $189.67 on Friday. The business has a 50 day moving average price of $211.57 and a two-hundred day moving average price of $204.16. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50. The stock has a market cap of $36.49 billion, a price-to-earnings ratio of 25.95, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company posted $1.72 earnings per share. Garmin’s revenue was up 22.9% on a year-over-year basis. On average, analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently announced 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. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.90%. Garmin’s dividend payout ratio (DPR) is currently 49.25%.

Insider Activity at Garmin

In other Garmin news, VP Susan Lyman sold 2,829 shares of the company’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 directly owns 8,432 shares in the company, valued at $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Munn sold 4,637 shares of Garmin stock in a transaction on Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the transaction, the director now directly owns 11,450 shares of the company’s stock, valued at approximately $2,579,799.50. The trade was a 28.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock valued at $5,486,094 over the last quarter. 19.54% of the stock is owned by company insiders.

Garmin Company 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.