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

Mill Capital Management LLC trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 33.3% during the fourth quarter, Holdings Channel reports. 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.

Other large investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in Garmin in the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. acquired a new position in Garmin in the fourth quarter valued at approximately $29,000. Larson Financial Group LLC boosted its holdings in Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. acquired a new position in Garmin in the fourth quarter valued at approximately $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 currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Barclays upped their price target on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Morgan Stanley raised Garmin to a “sell” rating and increased their price objective for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. increased their price objective on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $210.80.

Garmin Price Performance

Shares of NYSE GRMN opened at $209.78 on Monday. The stock has a fifty day moving average price of $216.96 and a 200 day moving average price of $201.81. Garmin Ltd. has a 1-year low of $138.86 and a 1-year high of $246.50. The company has a market cap of $40.36 billion, a PE ratio of 28.70, a P/E/G ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the company earned $1.72 earnings per share. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. Analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is presently 49.25%.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction 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 owns 149,525 shares in the company, 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, CFO Douglas G. Boessen sold 2,763 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the transaction, the chief financial officer now owns 30,936 shares of the company’s stock, valued at $7,008,550.80. The trade was a 8.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock valued at $5,486,094 over the last three months. 19.54% of the stock is currently owned by company insiders.

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.