Lee Danner & Bass Inc. Invests $94,000 in Garmin Ltd. (NYSE:GRMN)

Lee Danner & Bass Inc. acquired a new position in Garmin Ltd. (NYSE:GRMN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 453 shares of the scientific and technical instruments company’s stock, valued at approximately $94,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in shares of Garmin in the 4th quarter worth about $26,000. Pinnacle Bancorp Inc. purchased a new stake in Garmin during the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted its holdings in Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 162 shares during the period. SOA Wealth Advisors LLC. purchased a new stake in Garmin during the 4th quarter valued at about $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Garmin during the 3rd quarter valued at about $39,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 8,432 shares of the company’s stock, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value 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 represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,342 shares of company stock valued at $5,486,094. Corporate insiders own 19.54% of the company’s stock.

Garmin Price Performance

GRMN opened at $209.78 on Friday. The business has a 50 day simple moving average of $216.96 and a two-hundred day simple moving average of $201.66. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of 28.70, a PEG ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a one year low of $138.86 and a one year high of $246.50.

Garmin (NYSE:GRMN) last released its quarterly 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. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. Garmin’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.72 EPS. As a group, sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The company 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 $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is currently 41.04%.

Wall Street Analysts Forecast Growth

GRMN has been the subject of several analyst reports. JPMorgan Chase & Co. increased their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Tigress Financial increased their target price on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. Barclays increased 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. Finally, Morgan Stanley upgraded Garmin to a “sell” rating and increased their target price for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. Three investment 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $210.80.

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.