Altshuler Shaham Ltd Sells 1,065 Shares of Garmin Ltd. (NYSE:GRMN)

Altshuler Shaham Ltd reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 14.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 6,357 shares of the scientific and technical instruments company’s stock after selling 1,065 shares during the quarter. Altshuler Shaham Ltd’s holdings in Garmin were worth $817,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Wetzel Investment Advisors Inc. acquired a new stake in Garmin during the 4th quarter valued at approximately $26,000. Headinvest LLC bought a new position in Garmin during the third quarter worth $41,000. Blue Trust Inc. lifted its holdings in Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after buying an additional 99 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in Garmin during the fourth quarter valued at $51,000. Finally, EdgeRock Capital LLC acquired a new stake in Garmin during the 4th quarter worth about $53,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Stock Down 0.4 %

GRMN stock traded down $0.66 during mid-day trading on Thursday, reaching $169.30. 552,459 shares of the company traded hands, compared to its average volume of 951,280. The firm’s 50 day moving average price is $147.24 and its 200 day moving average price is $130.80. The stock has a market cap of $32.52 billion, a price-to-earnings ratio of 23.88, a P/E/G ratio of 5.31 and a beta of 0.99. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $170.87.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. Garmin’s revenue was up 20.4% compared to the same quarter last year. On average, analysts anticipate that Garmin Ltd. will post 5.58 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.77%. Garmin’s dividend payout ratio is presently 42.31%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays upped their target price on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. Tigress Financial reiterated a “strong-buy” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Finally, Bank of America raised their target price on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, April 3rd. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $153.50.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Douglas G. Boessen sold 5,267 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $134.56, for a total transaction of $708,727.52. Following the completion of the transaction, the chief financial officer now owns 30,360 shares of the company’s stock, valued at $4,085,241.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,476 shares of company stock valued at $14,166,944. 19.54% of the stock is owned by insiders.

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.