Garmin Ltd. (NYSE:GRMN) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC cut its stake in Garmin Ltd. (NYSE:GRMN) by 43.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,614 shares of the scientific and technical instruments company’s stock after selling 104,470 shares during the period. Garmin accounts for approximately 0.9% of Moran Wealth Management LLC’s investment portfolio, making the stock its 20th largest holding. Moran Wealth Management LLC’s holdings in Garmin were worth $27,765,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in shares of Garmin by 10.4% during the third quarter. Farther Finance Advisors LLC now owns 986 shares of the scientific and technical instruments company’s stock valued at $173,000 after buying an additional 93 shares during the last quarter. Principal Financial Group Inc. increased its position in Garmin by 3.1% in the 3rd quarter. Principal Financial Group Inc. now owns 199,713 shares of the scientific and technical instruments company’s stock valued at $35,155,000 after acquiring an additional 5,965 shares during the period. Capital Performance Advisors LLP bought a new stake in Garmin during the 3rd quarter valued at $59,000. Assetmark Inc. grew its stake in shares of Garmin by 24.6% in the third quarter. Assetmark Inc. now owns 8,005 shares of the scientific and technical instruments company’s stock worth $1,409,000 after purchasing an additional 1,580 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of Garmin by 14.7% during the third quarter. Crossmark Global Holdings Inc. now owns 56,375 shares of the scientific and technical instruments company’s stock valued at $9,924,000 after purchasing an additional 7,236 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Garmin Price Performance

GRMN stock opened at $219.51 on Monday. The company’s 50 day simple moving average is $216.28 and its 200-day simple moving average is $199.65. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The firm has a market capitalization 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.

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

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders 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 dividend on an annualized basis and a yield of 1.64%. Garmin’s payout ratio is presently 41.04%.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick Desbois sold 6,911 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the sale, the chief operating officer now directly owns 63,048 shares of the company’s stock, valued at $14,321,353.20. This trade represents a 9.88 % 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 valued at $5,242,686 in the last 90 days. 19.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

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.