Assenagon Asset Management S.A. Decreases Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Assenagon Asset Management S.A. trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMNFree Report) by 59.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,107 shares of the scientific and technical instruments company’s stock after selling 54,021 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Garmin were worth $4,641,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Avior Wealth Management LLC boosted its position in shares of Garmin by 169.5% during the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock worth $30,000 after acquiring an additional 178 shares during the last quarter. Clear Street Markets LLC raised its stake in shares of Garmin by 107.1% in the first quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock valued at $32,000 after acquiring an additional 166 shares during the period. Headinvest LLC bought a new position in shares of Garmin in the third quarter worth about $41,000. NBC Securities Inc. bought a new position in shares of Garmin in the third quarter worth about $57,000. Finally, Industrial Alliance Investment Management Inc. bought a new position in shares of Garmin in the fourth quarter worth about $53,000. 73.41% of the stock is currently owned by institutional investors.

Insider Activity at Garmin

In related news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the sale, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the sale, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction on Friday, March 15th. The shares were sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the completion of the sale, the director now directly owns 623,834 shares in the company, valued at approximately $91,173,339.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,476 shares of company stock valued at $14,166,944. 19.89% of the stock is owned by company insiders.

Garmin Trading Up 0.6 %

GRMN opened at $148.87 on Monday. Garmin Ltd. has a 12-month low of $94.89 and a 12-month high of $149.54. The firm has a market capitalization of $28.55 billion, a PE ratio of 22.19, a P/E/G ratio of 4.90 and a beta of 0.97. The firm has a 50 day moving average of $134.05 and a two-hundred day moving average of $122.31.

Garmin (NYSE:GRMNGet Free Report) last posted its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.32. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.41 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.35 EPS. As a group, analysts predict that Garmin Ltd. will post 5.43 EPS for the current fiscal year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.02%. Garmin’s dividend payout ratio is currently 43.52%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GRMN. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. Tigress Financial restated a “strong-buy” rating and issued a $175.00 price target (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. JPMorgan Chase & Co. cut shares of Garmin from an “overweight” rating to a “neutral” rating and set a $135.00 price target on the stock. in a report on Monday, January 8th. Finally, Barrington Research raised their price target on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Seven research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $131.50.

Check Out Our Latest Stock Report on Garmin

About Garmin

(Free Report)

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.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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