Norden Group LLC Takes Position in Garmin Ltd. (NYSE:GRMN)

Norden Group LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,046 shares of the scientific and technical instruments company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GRMN. Golden State Wealth Management LLC purchased a new stake in Garmin during the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. acquired a new position in shares of Garmin in the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. purchased a new stake in Garmin during the 4th quarter worth approximately $37,000. Larson Financial Group LLC increased its stake in 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 buying an additional 162 shares during the period. Finally, Kentucky Trust Co acquired a new stake in Garmin during the 4th quarter worth approximately $41,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Trading Down 2.7 %

Garmin stock opened at $220.03 on Wednesday. The stock has a market cap of $42.33 billion, a P/E ratio of 30.10, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The company has a fifty day simple moving average of $215.57 and a 200-day simple moving average of $198.69. Garmin Ltd. has a 12-month low of $138.30 and a 12-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 (EPS) 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 company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the business earned $1.72 EPS. Garmin’s revenue for the quarter was up 22.9% on a year-over-year basis. As a group, sell-side analysts forecast 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. 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 annualized dividend and a yield of 1.64%. Garmin’s dividend payout ratio is currently 41.04%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Munn sold 4,637 shares of Garmin stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $225.31, for a total value of $1,044,762.47. Following the sale, the director now owns 11,450 shares in the company, valued at $2,579,799.50. This trade represents a 28.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,274 shares of company stock valued at $5,242,686. 19.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Tigress Financial boosted their price target 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. Morgan Stanley raised Garmin to a “sell” rating and boosted their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. JPMorgan Chase & Co. increased their price target on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Finally, Barclays lifted 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. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $210.80.

Garmin Company 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.