Garmin Ltd. (NYSE:GRMN) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 43.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 134,614 shares of the scientific and technical instruments company’s stock after selling 104,470 shares during the period. Garmin accounts for approximately 0.9% of Moran Wealth Management LLC’s holdings, making the stock its 20th largest holding. Moran Wealth Management LLC owned approximately 0.07% of Garmin worth $27,765,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in shares of Garmin in the 4th quarter worth $26,000. Pinnacle Bancorp Inc. acquired a new stake in Garmin during the fourth quarter worth about $29,000. Larson Financial Group LLC raised its holdings in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares during the period. SOA Wealth Advisors LLC. acquired a new position in shares of Garmin in the 4th quarter valued at about $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Garmin during the 3rd quarter worth about $39,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Price Performance

Shares of GRMN stock opened at $219.51 on Monday. The company’s fifty day moving average price is $216.28 and its two-hundred day moving average price is $199.65. The firm has a market capitalization of $42.23 billion, a P/E ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 12 month low of $138.86 and a 12 month high of $246.50.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS 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 business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the previous year, the firm posted $1.72 earnings per share. The company’s revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current 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 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 dividend yield of 1.64%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Insider Activity at Garmin

In other Garmin news, COO Patrick Desbois sold 6,911 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the sale, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. This represents a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 completion of the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,274 shares of company stock valued at $5,242,686 over the last ninety days. Corporate insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

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

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.