Raiffeisen Bank International AG Invests $2.63 Million in Garmin Ltd. (NYSE:GRMN)

Raiffeisen Bank International AG bought a new position in Garmin Ltd. (NYSE:GRMN) during the 4th quarter, Holdings Channel reports. The fund bought 12,661 shares of the scientific and technical instruments company’s stock, valued at approximately $2,627,000.

Other large investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in shares of Garmin in the fourth quarter worth about $26,000. Aster Capital Management DIFC Ltd grew its position in 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 acquiring an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new position in Garmin in the fourth quarter worth about $29,000. SOA Wealth Advisors LLC. purchased a new position in Garmin in the fourth quarter worth about $37,000. Finally, Kentucky Trust Co purchased a new position in Garmin in the fourth quarter worth about $41,000. 81.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. 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. Barclays dropped their price target on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price target on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Finally, Morgan Stanley lifted their price target on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating 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 company. According to data from MarketBeat, Garmin has an average rating of “Hold” and an average target price of $194.80.

Insider Activity 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 shares were 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 owns 8,432 shares of the company’s stock, valued at $1,817,180.32. The trade was a 25.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at $33,963,108.50. This trade represents a 4.60% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,342 shares of company stock worth $5,486,094. Company insiders own 15.38% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $202.25 on Friday. Garmin Ltd. has a 1 year low of $158.38 and a 1 year high of $246.50. The business has a 50 day simple moving average of $198.58 and a two-hundred day simple moving average of $208.23. The firm has a market capitalization of $38.94 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99.

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

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.78%. Garmin’s payout ratio is 47.37%.

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.