Sei Investments Co. Has $52.95 Million Stake in Garmin Ltd. (NYSE:GRMN)

Sei Investments Co. grew its position in Garmin Ltd. (NYSE:GRMN) by 55.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 256,712 shares of the scientific and technical instruments company’s stock after buying an additional 91,402 shares during the quarter. Sei Investments Co. owned 0.13% of Garmin worth $52,950,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GRMN. American Century Companies Inc. grew its stake in shares of Garmin by 4.9% during the fourth quarter. American Century Companies Inc. now owns 60,280 shares of the scientific and technical instruments company’s stock worth $12,433,000 after buying an additional 2,841 shares during the last quarter. Mizuho Securities USA LLC grew its position in Garmin by 46.0% during the 4th quarter. Mizuho Securities USA LLC now owns 14,560 shares of the scientific and technical instruments company’s stock worth $3,003,000 after acquiring an additional 4,589 shares during the last quarter. Quantbot Technologies LP acquired a new position in Garmin in the 4th quarter worth about $127,000. 1620 Investment Advisors Inc. bought a new position in Garmin in the fourth quarter valued at about $457,000. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Garmin during the fourth quarter valued at about $94,000. Institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on GRMN. JPMorgan Chase & Co. lifted their target price on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Barclays boosted their price objective on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. 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. Finally, Morgan Stanley raised Garmin to a “sell” rating and lifted their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $210.80.

Garmin Stock Performance

Shares of Garmin stock opened at $209.78 on Monday. The stock has a market capitalization of $40.36 billion, a P/E ratio of 28.70, a P/E/G ratio of 1.36 and a beta of 0.96. The stock’s 50-day simple moving average is $216.96 and its 200 day simple moving average is $201.81. Garmin Ltd. has a 52-week low of $138.86 and a 52-week 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 for the quarter, beating 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 company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the business earned $1.72 earnings per share. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. Equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The firm 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 of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.72%. Garmin’s dividend payout ratio is currently 49.25%.

Insider Buying and Selling at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the transaction, the vice president now owns 8,432 shares of the company’s stock, valued at $1,817,180.32. This represents a 25.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 2,763 shares of Garmin stock in a transaction on Friday, February 28th. The stock was sold at an average price of $226.55, for a total transaction of $625,957.65. Following the sale, the chief financial officer now directly owns 30,936 shares of the company’s stock, valued at $7,008,550.80. This represents a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock valued at $5,486,094 in the last 90 days. Corporate insiders own 19.54% of the company’s stock.

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.