Clark Capital Management Group Inc. Sells 267,000 Shares of Garmin Ltd. (NYSE:GRMN)

Clark Capital Management Group Inc. decreased its stake in shares of Garmin Ltd. (NYSE:GRMNGet Rating) by 60.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 175,752 shares of the scientific and technical instruments company’s stock after selling 267,000 shares during the period. Clark Capital Management Group Inc. owned about 0.09% of Garmin worth $20,846,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. B. Riley Wealth Management Inc. bought a new position in Garmin in the first quarter worth approximately $287,000. Veriti Management LLC raised its position in Garmin by 15.5% in the first quarter. Veriti Management LLC now owns 5,477 shares of the scientific and technical instruments company’s stock worth $650,000 after acquiring an additional 734 shares during the period. Goldman Sachs Group Inc. raised its position in Garmin by 3.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 830,374 shares of the scientific and technical instruments company’s stock worth $113,071,000 after acquiring an additional 24,026 shares during the period. Norinchukin Bank The raised its position in shares of Garmin by 8.9% during the 1st quarter. Norinchukin Bank The now owns 14,231 shares of the scientific and technical instruments company’s stock valued at $1,688,000 after purchasing an additional 1,159 shares during the period. Finally, Farmers & Merchants Investments Inc. raised its position in shares of Garmin by 1.6% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 12,505 shares of the scientific and technical instruments company’s stock valued at $1,483,000 after purchasing an additional 196 shares during the period. Institutional investors own 62.50% of the company’s stock.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 9,550 shares of Garmin stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $90.00, for a total value of $859,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,950 shares of the company’s stock, valued at approximately $12,235,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Clifton A. Pemble sold 9,550 shares of Garmin stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $90.00, for a total transaction of $859,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,950 shares of the company’s stock, valued at approximately $12,235,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the transaction, the chief executive officer now directly owns 145,500 shares of the company’s stock, valued at $14,231,355. The disclosure for this sale can be found here. Corporate insiders own 20.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. TheStreet downgraded shares of Garmin from a “b” rating to a “c+” rating in a research report on Wednesday, July 27th. Bank of America downgraded shares of Garmin from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $137.00 to $109.00 in a research report on Tuesday, August 2nd. Morgan Stanley decreased their price objective on shares of Garmin from $127.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 14th. Finally, Tigress Financial cut their target price on shares of Garmin from $208.00 to $165.00 and set a “strong-buy” rating for the company in a research note on Friday, August 5th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Garmin presently has an average rating of “Moderate Buy” and a consensus target price of $134.75.

Garmin Stock Performance

GRMN opened at $90.84 on Friday. The stock has a market capitalization of $17.52 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 3.28 and a beta of 0.97. The company has a fifty day moving average of $97.20 and a 200 day moving average of $104.05. Garmin Ltd. has a fifty-two week low of $86.73 and a fifty-two week high of $174.89.

Garmin (NYSE:GRMNGet Rating) last issued its quarterly earnings data on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.02. Garmin had a net margin of 20.31% and a return on equity of 17.71%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the company posted $1.68 EPS. The business’s revenue was down 6.5% on a year-over-year basis. On average, equities research analysts forecast that Garmin Ltd. will post 4.9 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a $0.73 dividend. The ex-dividend date is Tuesday, March 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.21%. Garmin’s payout ratio is currently 55.73%.

Garmin Profile

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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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