Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 10.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 102,425 shares of the scientific and technical instruments company's stock after buying an additional 9,741 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Garmin worth $21,126,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new position in Garmin in the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin in the 4th quarter valued at about $29,000. Larson Financial Group LLC raised its position in shares of 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 worth $33,000 after acquiring an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. acquired a new stake in shares of Garmin during the 4th quarter worth about $37,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Garmin in the third quarter valued at approximately $39,000. 81.60% of the stock is owned by institutional investors and hedge funds.
GRMN has been the subject of several recent analyst reports. Tigress Financial boosted their price objective 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. Morgan Stanley raised shares of Garmin to a "sell" rating and boosted their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Barclays raised their price objective on Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their target price on Garmin from $219.00 to $260.00 and gave the company 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 given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $210.80.
View Our Latest Stock Analysis on Garmin
In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the business's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the company's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,103 shares of company stock worth $5,852,364. 19.54% of the stock is owned by company insiders.
NYSE:GRMN traded up $2.57 during mid-day trading on Wednesday, reaching $215.78. The stock had a trading volume of 814,788 shares, compared to its average volume of 868,819. The business has a 50 day simple moving average of $216.57 and a 200 day simple moving average of $200.15. Garmin Ltd. has a twelve month low of $138.86 and a twelve month high of $246.50. The firm has a market capitalization of $41.52 billion, a price-to-earnings ratio of 29.52, a PEG ratio of 1.36 and a beta of 0.96.
Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the company posted $1.72 earnings per share. Garmin's quarterly revenue was up 22.9% on a year-over-year basis. As a group, sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.
The business 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 1.67%. The ex-dividend date is Friday, March 13th. Garmin's dividend payout ratio is currently 41.04%.
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.
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