Wedge Capital Management L L P NC Purchases Shares of 332,980 Garmin Ltd. (NASDAQ:GRMN)

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Wedge Capital Management L L P NC acquired a new stake in shares of Garmin Ltd. (NASDAQ:GRMN) in the fourth quarter, Holdings Channel.com reports. The fund acquired 332,980 shares of the scientific and technical instruments company’s stock, valued at approximately $32,486,000.

Several other large investors also recently made changes to their positions in the company. Fulton Breakefield Broenniman LLC grew its holdings in shares of Garmin by 10.5% in the 4th quarter. Fulton Breakefield Broenniman LLC now owns 4,974 shares of the scientific and technical instruments company’s stock worth $485,000 after acquiring an additional 474 shares during the last quarter. Clear Street Markets LLC acquired a new stake in shares of Garmin during the fourth quarter worth $224,000. NewSquare Capital LLC purchased a new stake in shares of Garmin during the fourth quarter valued at $193,000. American National Bank purchased a new stake in shares of Garmin during the fourth quarter valued at $54,000. Finally, City Holding Co. boosted its position in shares of Garmin by 4,863.3% in the 4th quarter. City Holding Co. now owns 7,445 shares of the scientific and technical instruments company’s stock valued at $726,000 after purchasing an additional 7,295 shares during the period. Institutional investors own 45.56% of the company’s stock.

NASDAQ GRMN opened at $97.19 on Thursday. Garmin Ltd. has a twelve month low of $66.09 and a twelve month high of $99.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.93 and a current ratio of 2.64. The stock has a market cap of $19.27 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 3.10 and a beta of 0.89. The firm’s 50 day moving average price is $97.55 and its two-hundred day moving average price is $87.72.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.32. The company had revenue of $934.38 million during the quarter, compared to analyst estimates of $869.02 million. Garmin had a return on equity of 18.73% and a net margin of 21.79%. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 4.16 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s payout ratio is 61.79%.

A number of equities analysts recently weighed in on GRMN shares. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Wednesday, November 27th. Finally, Morgan Stanley raised their target price on shares of Garmin from $81.00 to $85.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $81.19.

In other news, CEO Clifton A. Pemble sold 2,726 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $93.58, for a total value of $255,099.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Min H. Kao sold 181,375 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $93.23, for a total value of $16,909,591.25. The disclosure for this sale can be found here. Insiders have sold 865,064 shares of company stock worth $81,173,429 over the last three months. 23.83% of the stock is owned by insiders.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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