3,300 Shares in Garmin Ltd. (NYSE:GRMN) Acquired by Denali Advisors LLC

Denali Advisors LLC bought a new stake in Garmin Ltd. (NYSE:GRMN) during the 4th quarter, HoldingsChannel reports. The fund bought 3,300 shares of the scientific and technical instruments company’s stock, valued at approximately $681,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after purchasing an additional 134,303 shares during the period. Geode Capital Management LLC grew its position in Garmin by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after buying an additional 112,815 shares in the last quarter. FMR LLC increased its stake in Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after buying an additional 1,093,219 shares during the period. Disciplined Growth Investors Inc. MN raised its position in shares of Garmin by 3.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company’s stock worth $246,619,000 after buying an additional 48,645 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in shares of Garmin by 4.1% in the 3rd quarter. Captrust Financial Advisors now owns 767,729 shares of the scientific and technical instruments company’s stock worth $135,143,000 after acquiring an additional 30,011 shares during the period. Institutional investors own 81.60% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of research analyst reports. Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Morgan Stanley upgraded Garmin to a “sell” rating and lifted their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price objective on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, Barclays lifted their target price on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Three 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 company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $210.80.

Garmin Trading Up 0.2 %

NYSE GRMN opened at $226.39 on Thursday. Garmin Ltd. has a 1 year low of $134.01 and a 1 year high of $246.50. The stock’s 50-day moving average price is $214.29 and its two-hundred day moving average price is $196.97. The company has a market cap of $43.56 billion, a PE ratio of 30.97, a PEG ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted 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 firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the firm earned $1.72 earnings per share. Garmin’s quarterly revenue was up 22.9% on a year-over-year basis. Research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal 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 issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is currently 41.04%.

Insider Activity at Garmin

In related news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 19.54% of the stock is currently owned by insiders.

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.