Garmin Ltd. (NYSE:GRMN) Holdings Lifted by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp boosted its position in shares of Garmin Ltd. (NYSE:GRMN) by 15.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,351 shares of the scientific and technical instruments company’s stock after buying an additional 5,550 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Garmin were worth $8,529,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Geneos Wealth Management Inc. boosted its position in shares of Garmin by 1.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock valued at $591,000 after purchasing an additional 49 shares during the period. Curbstone Financial Management Corp boosted its position in shares of Garmin by 1.3% in the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock valued at $802,000 after purchasing an additional 50 shares during the period. Larson Financial Group LLC boosted its position in shares of Garmin by 26.8% in the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after purchasing an additional 51 shares during the period. Addison Advisors LLC boosted its position in shares of Garmin by 11.1% in the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after purchasing an additional 52 shares during the period. Finally, HB Wealth Management LLC boosted its position in shares of Garmin by 1.4% in the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock valued at $788,000 after purchasing an additional 53 shares during the period. Institutional investors own 81.60% of the company’s stock.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at $5,743,019.88. The trade was a 6.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Munn sold 4,637 shares of Garmin stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 11,450 shares in the company, valued at approximately $2,579,799.50. This represents a 28.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,274 shares of company stock valued at $5,242,686 in the last three months. Company insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on GRMN. Morgan Stanley upgraded Garmin to a “sell” rating and raised their price objective for the stock 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 research report on Thursday, February 20th. Tigress Financial raised their price objective on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised their price objective on Garmin from $219.00 to $260.00 and gave the stock 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 given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin has an average rating of “Hold” and a consensus target price of $210.80.

Garmin Stock Performance

Shares of GRMN stock opened at $219.51 on Friday. The stock’s 50 day simple moving average is $216.28 and its 200 day simple moving average is $199.34. Garmin Ltd. has a twelve month low of $138.86 and a twelve month high of $246.50. The company has a market capitalization of $42.23 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating 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 business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the business earned $1.72 EPS. The firm’s revenue was up 22.9% compared to the same quarter last year. On average, analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.64%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is currently 41.04%.

About Garmin

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.