Garmin Ltd. (NYSE:GRMN) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 3.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,747 shares of the scientific and technical instruments company’s stock after selling 1,938 shares during the quarter. Mackenzie Financial Corp’s holdings in Garmin were worth $7,937,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. American Century Companies Inc. boosted its holdings in Garmin by 9.6% in the first quarter. American Century Companies Inc. now owns 9,116 shares of the scientific and technical instruments company’s stock valued at $1,081,000 after acquiring an additional 798 shares during the last quarter. Private Advisor Group LLC boosted its holdings in Garmin by 17.5% in the first quarter. Private Advisor Group LLC now owns 2,831 shares of the scientific and technical instruments company’s stock valued at $336,000 after acquiring an additional 422 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Garmin by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,329 shares of the scientific and technical instruments company’s stock valued at $2,411,000 after acquiring an additional 1,259 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Garmin by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,475,149 shares of the scientific and technical instruments company’s stock valued at $174,989,000 after acquiring an additional 11,011 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Garmin by 378.8% in the first quarter. Sei Investments Co. now owns 37,785 shares of the scientific and technical instruments company’s stock valued at $4,414,000 after acquiring an additional 29,893 shares during the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GRMN. JPMorgan Chase & Co. lifted their target price on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research report on Wednesday. Bank of America raised their price objective on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Tigress Financial reissued a “strong-buy” rating and issued a $175.00 price objective (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Finally, Barrington Research raised their price objective on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $142.33.

Insider Activity at Garmin

In related news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related 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 value of $708,727.52. Following the completion of the sale, the chief financial officer now directly owns 30,360 shares of the company’s stock, valued at $4,085,241.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock valued at $14,166,944 over the last three months. 19.89% of the stock is owned by insiders.

Garmin Stock Performance

Shares of NYSE GRMN opened at $139.52 on Friday. Garmin Ltd. has a 1 year low of $94.89 and a 1 year high of $149.54. The firm has a market cap of $26.76 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 4.62 and a beta of 0.98. The stock’s 50-day simple moving average is $140.52 and its 200-day simple moving average is $126.27.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company earned $1.35 earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, research analysts predict that Garmin Ltd. will post 5.45 EPS for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio is currently 43.52%.

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.