Retirement Systems of Alabama Has $4.34 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Retirement Systems of Alabama decreased its stake in Garmin Ltd. (NYSE:GRMN) by 2.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,735 shares of the scientific and technical instruments company’s stock after selling 897 shares during the quarter. Retirement Systems of Alabama’s holdings in Garmin were worth $4,336,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its holdings in shares of Garmin by 213.5% during the fourth quarter. Pacer Advisors Inc. now owns 41,557 shares of the scientific and technical instruments company’s stock valued at $5,342,000 after acquiring an additional 28,301 shares during the period. Peterson Wealth Services bought a new position in Garmin during the 4th quarter valued at about $2,365,000. Envestnet Asset Management Inc. boosted its position in Garmin by 42.7% in the third quarter. Envestnet Asset Management Inc. now owns 125,389 shares of the scientific and technical instruments company’s stock valued at $13,191,000 after buying an additional 37,532 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Garmin during the fourth quarter worth about $8,691,000. Finally, SteelPeak Wealth LLC grew its stake in Garmin by 369.6% during the fourth quarter. SteelPeak Wealth LLC now owns 14,087 shares of the scientific and technical instruments company’s stock worth $1,811,000 after buying an additional 11,087 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GRMN shares. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Barrington Research increased their target price on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Bank of America lifted their price target on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Barclays raised their price objective on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. Six analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $153.50.

Garmin Stock Up 1.2 %

Garmin stock opened at $167.88 on Tuesday. The business’s 50-day simple moving average is $145.88 and its 200 day simple moving average is $130.05. The stock has a market cap of $32.25 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 5.31 and a beta of 0.99. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $167.90.

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

Garmin Announces Dividend

The company also recently declared 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 1.79%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is 41.18%.

Insider Activity at Garmin

In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the transaction, the director now owns 623,834 shares in the company, valued at $91,173,339.10. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the transaction, the director now owns 623,834 shares in the company, valued at $91,173,339.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now owns 7,174 shares in the company, valued at approximately $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 over the last 90 days. Insiders own 19.54% of the company’s stock.

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.