Inceptionr LLC Sells 6,628 Shares of Garmin Ltd. (NYSE:GRMN)

Inceptionr LLC reduced its position in shares of Garmin Ltd. (NYSE:GRMN) by 84.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,253 shares of the scientific and technical instruments company’s stock after selling 6,628 shares during the period. Inceptionr LLC’s holdings in Garmin were worth $258,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Garmin in the fourth quarter worth about $32,795,000. Arizona State Retirement System raised its stake in shares of Garmin by 1.5% in the fourth quarter. Arizona State Retirement System now owns 44,663 shares of the scientific and technical instruments company’s stock worth $9,212,000 after acquiring an additional 639 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Garmin in the fourth quarter worth about $31,454,000. SPC Financial Inc. bought a new position in shares of Garmin in the fourth quarter worth about $219,000. Finally, Victory Capital Management Inc. raised its stake in shares of Garmin by 45.0% in the fourth quarter. Victory Capital Management Inc. now owns 137,136 shares of the scientific and technical instruments company’s stock worth $28,286,000 after acquiring an additional 42,571 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GRMN shares. Barclays boosted their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Morgan Stanley upgraded shares of Garmin to a “sell” rating and lifted their price target for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Tigress Financial lifted 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 target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Garmin presently has an average rating of “Hold” and an average price target of $210.80.

Insider Activity at Garmin

In other news, CFO Douglas G. Boessen sold 2,763 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were 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 $7,008,550.80. This represents a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were 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 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 90 days, insiders sold 23,274 shares of company stock worth $5,242,686. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Performance

Shares of NYSE GRMN opened at $219.51 on Monday. The stock has a market cap of $42.23 billion, a P/E ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.96. The firm has a 50 day moving average price of $216.28 and a 200 day moving average price of $199.65. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.72 earnings per share. Analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal 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 issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is currently 41.04%.

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.