1,062 Shares in Garmin Ltd. (NYSE:GRMN) Acquired by SPC Financial Inc.

SPC Financial Inc. bought a new position in shares of Garmin Ltd. (NYSE:GRMN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,062 shares of the scientific and technical instruments company’s stock, valued at approximately $219,000.

Several other institutional investors also recently modified their holdings of the stock. Citigroup Inc. grew its position in Garmin by 123.2% during the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after purchasing an additional 156,441 shares in the last quarter. Passumpsic Savings Bank acquired a new position in Garmin during the 3rd quarter worth $3,137,000. Advisors Asset Management Inc. lifted its position in Garmin by 24.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock worth $3,086,000 after acquiring an additional 3,415 shares during the last quarter. National Pension Service raised its position in shares of Garmin by 25.7% during the third quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock valued at $50,004,000 after buying an additional 58,025 shares during the last quarter. Finally, Diversified Trust Co acquired a new position in shares of Garmin during the fourth quarter valued at about $734,000. Institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Matthew Munn sold 4,637 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the sale, the director now directly owns 11,450 shares in the company, valued at $2,579,799.50. This trade represents a 28.82 % 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, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,274 shares of company stock worth $5,242,686 over the last ninety days. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

GRMN opened at $224.97 on Thursday. The firm’s fifty day moving average is $215.85 and its two-hundred day moving average is $198.87. The firm has a market cap of $43.29 billion, a PE ratio of 30.78, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a twelve month low of $138.86 and a twelve month high of $246.50.

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

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.60%. Garmin’s payout ratio is 41.04%.

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.