Garmin Ltd. (NYSE:GRMN) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 3.1% during the fourth quarter, Holdings Channel reports. The firm owned 22,227 shares of the scientific and technical instruments company’s stock after selling 709 shares during the period. New York Life Investment Management LLC’s holdings in Garmin were worth $2,857,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GRMN. Artisan Partners Limited Partnership increased its holdings in shares of Garmin by 2.5% in the third quarter. Artisan Partners Limited Partnership now owns 7,246,834 shares of the scientific and technical instruments company’s stock valued at $762,367,000 after buying an additional 176,510 shares in the last quarter. Northern Trust Corp raised its position in shares of Garmin by 7.1% during the third quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock worth $171,492,000 after purchasing an additional 108,427 shares during the period. Invesco Ltd. lifted its holdings in shares of Garmin by 10.7% during the third quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock valued at $148,459,000 after purchasing an additional 136,929 shares during the last quarter. California Public Employees Retirement System lifted its holdings in shares of Garmin by 0.7% during the fourth quarter. California Public Employees Retirement System now owns 932,299 shares of the scientific and technical instruments company’s stock valued at $119,838,000 after purchasing an additional 6,858 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Garmin by 4.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 813,137 shares of the scientific and technical instruments company’s stock valued at $85,542,000 after purchasing an additional 33,580 shares during the period. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GRMN. 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 research note on Thursday. Barrington Research boosted 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. Bank of America raised their price objective on shares of Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Barclays boosted their target price on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Tigress Financial reaffirmed a “strong-buy” rating and issued a $175.00 target price (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Six investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $153.50.

Garmin Trading Up 0.4 %

NYSE GRMN opened at $165.97 on Monday. Garmin Ltd. has a 1-year low of $99.56 and a 1-year high of $166.43. The firm’s fifty day simple moving average is $145.23 and its 200-day simple moving average is $129.61. The company has a market capitalization of $31.88 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of 5.44 and a beta of 0.99.

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

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is 41.18%.

Insider Transactions 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 completion of 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 document filed with the SEC, which can be accessed through the SEC website. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now owns 7,174 shares of the company’s stock, valued at $969,781.32. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock worth $14,166,944 in the last 90 days. 19.89% of the stock is owned by insiders.

Garmin Company 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.