Modern Wealth Management LLC Increases Holdings in Garmin Ltd. (NYSE:GRMN)

Modern Wealth Management LLC raised its stake in Garmin Ltd. (NYSE:GRMN) by 15.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,089 shares of the scientific and technical instruments company’s stock after purchasing an additional 279 shares during the quarter. Modern Wealth Management LLC’s holdings in Garmin were worth $451,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in shares of Garmin in the fourth quarter valued at $26,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Garmin during the fourth quarter valued at about $29,000. Larson Financial Group LLC grew its stake in shares of Garmin by 578.6% during 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 acquiring an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin during the fourth quarter worth about $37,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Garmin in the third quarter worth about $39,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In related news, COO Patrick Desbois sold 6,911 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the sale, the chief operating officer now owns 63,048 shares of the company’s stock, valued at $14,321,353.20. This trade represents a 9.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were 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 $1,817,180.32. The trade was a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock worth $5,486,094 over the last ninety days. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GRMN. Barclays raised their price objective on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Morgan Stanley raised shares of Garmin to a “sell” rating and raised their price target for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price target on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock 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 given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $210.80.

Garmin Trading Down 0.1 %

Shares of GRMN opened at $216.61 on Friday. The firm has a market cap of $41.68 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The stock has a 50 day moving average of $217.34 and a 200-day moving average of $202.52.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company posted $1.72 earnings per share. The firm’s revenue was up 22.9% on a year-over-year basis. On average, sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.66%. Garmin’s payout ratio is currently 49.25%.

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.