Garmin Ltd. (NYSE:GRMN) Position Decreased by Round Hill Asset Management

Round Hill Asset Management reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 21.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,174 shares of the scientific and technical instruments company’s stock after selling 4,490 shares during the quarter. Garmin accounts for 2.4% of Round Hill Asset Management’s holdings, making the stock its 12th biggest position. Round Hill Asset Management’s holdings in Garmin were worth $3,336,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Garmin during the 4th quarter worth about $396,184,000. Vanguard Group Inc. raised its holdings in shares of Garmin by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock valued at $3,726,645,000 after acquiring an additional 215,344 shares during the period. Allianz Asset Management GmbH lifted its position in shares of Garmin by 32.2% in the 4th quarter. Allianz Asset Management GmbH now owns 675,950 shares of the scientific and technical instruments company’s stock valued at $139,421,000 after acquiring an additional 164,818 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Garmin by 79.3% in the 4th quarter. Teacher Retirement System of Texas now owns 361,490 shares of the scientific and technical instruments company’s stock worth $74,561,000 after purchasing an additional 159,860 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Garmin during the 4th quarter worth approximately $32,795,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GRMN shares. Tigress Financial raised their target price on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. raised their price objective on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Barclays upped 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 shares of Garmin to a “sell” rating and raised their price target for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus target price of $210.80.

Garmin Price Performance

Shares of GRMN stock opened at $178.18 on Monday. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50. The stock’s 50-day moving average is $216.05 and its two-hundred day moving average is $204.07. The firm has a market cap of $34.28 billion, a P/E ratio of 24.37, a PEG ratio of 1.36 and a beta of 0.96.

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

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid 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 2.02%. Garmin’s dividend payout ratio (DPR) is presently 49.25%.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,202 shares of the firm’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 in the company, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $215.51, for a total transaction of $609,677.79. Following the transaction, the vice president now directly 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 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. Insiders own 19.54% of the company’s stock.

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.