Meeder Asset Management Inc. Has $1.37 Million Position in Garmin Ltd. (NYSE:GRMN)

Meeder Asset Management Inc. lowered its stake in Garmin Ltd. (NYSE:GRMN) by 95.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,416 shares of the scientific and technical instruments company’s stock after selling 185,315 shares during the period. Meeder Asset Management Inc.’s holdings in Garmin were worth $1,371,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GRMN. Epoch Investment Partners Inc. bought a new position in Garmin in the fourth quarter valued at approximately $54,460,000. M&G Plc bought a new position in Garmin in the first quarter valued at approximately $38,727,000. SW Investment Management LLC bought a new position in Garmin in the fourth quarter valued at approximately $28,279,000. Goldman Sachs Group Inc. boosted its stake in Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after acquiring an additional 190,739 shares during the last quarter. Finally, Norges Bank bought a new position in Garmin in the fourth quarter valued at approximately $20,848,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of recent research reports. Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $156.83.

Garmin Stock Down 0.0 %

Shares of NYSE GRMN opened at $182.73 on Friday. The company’s fifty day moving average is $173.58 and its 200-day moving average is $160.88. The stock has a market cap of $35.12 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $184.42.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period last year, the firm posted $1.45 earnings per share. On average, research analysts anticipate that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.75 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.64%. Garmin’s dividend payout ratio is currently 42.31%.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,892 shares of company stock valued at $2,296,174. 19.54% of the stock is owned by corporate insiders.

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.