Mill Capital Management LLC Cuts Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Mill Capital Management LLC trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 33.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000 shares of the scientific and technical instruments company’s stock after selling 1,000 shares during the quarter. Mill Capital Management LLC’s holdings in Garmin were worth $413,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GRMN. Geneos Wealth Management Inc. increased its holdings in Garmin by 1.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock worth $591,000 after acquiring an additional 49 shares in the last quarter. Curbstone Financial Management Corp increased its holdings in Garmin by 1.3% in the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock worth $802,000 after acquiring an additional 50 shares in the last quarter. Larson Financial Group LLC increased its holdings in Garmin by 26.8% in the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock worth $50,000 after acquiring an additional 51 shares in the last quarter. Addison Advisors LLC increased its holdings in Garmin by 11.1% in the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock worth $108,000 after acquiring an additional 52 shares in the last quarter. Finally, HB Wealth Management LLC increased its holdings in Garmin by 1.4% in the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock worth $788,000 after acquiring an additional 53 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Trading Up 0.5 %

Shares of GRMN stock opened at $209.78 on Monday. The company’s 50-day moving average price is $216.96 and its 200-day moving average price is $201.81. The stock has a market cap 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 twelve month low of $138.86 and a twelve month high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.51. The firm had revenue of $1.82 billion for 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 company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.72 EPS. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders 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 annualized dividend and a dividend yield of 1.72%. Garmin’s payout ratio is 49.25%.

Analyst Ratings Changes

GRMN has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Tigress Financial lifted their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. Barclays lifted 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. Finally, Morgan Stanley raised shares of Garmin to a “sell” rating and lifted their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $210.80.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,202 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. The trade was a 4.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,763 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $226.55, for a total transaction of $625,957.65. Following the completion of the sale, the chief financial officer now owns 30,936 shares in the company, valued at approximately $7,008,550.80. This trade represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,342 shares of company stock valued at $5,486,094. 19.54% of the stock is currently owned by insiders.

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.