Garmin Ltd. (NYSE:GRMN) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC trimmed its stake in Garmin Ltd. (NYSE:GRMN) by 3.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,204 shares of the scientific and technical instruments company’s stock after selling 167 shares during the period. CIBC Private Wealth Group LLC’s holdings in Garmin were worth $889,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geneos Wealth Management Inc. increased its position in shares of Garmin by 1.7% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock worth $591,000 after purchasing an additional 49 shares in the last quarter. Curbstone Financial Management Corp increased its position in Garmin by 1.3% during the fourth quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock worth $802,000 after buying an additional 50 shares during the period. Larson Financial Group LLC lifted its stake in Garmin by 26.8% in the fourth quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after buying an additional 51 shares during the last quarter. Addison Advisors LLC boosted its holdings in shares of Garmin by 11.1% in the fourth quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after acquiring an additional 52 shares during the period. Finally, HB Wealth Management LLC grew its position in shares of Garmin by 1.4% during the fourth quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock worth $788,000 after acquiring an additional 53 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Down 3.9 %

NYSE GRMN opened at $178.18 on Friday. The stock has a market capitalization of $34.28 billion, a P/E ratio of 24.37, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The firm has a 50-day moving average price of $216.05 and a 200 day moving average price of $203.60.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the business posted $1.72 EPS. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.02%. Garmin’s dividend payout ratio (DPR) is presently 49.25%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GRMN. JPMorgan Chase & Co. increased their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Morgan Stanley upgraded shares of Garmin to a “sell” rating and increased their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Barclays boosted their price target on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Finally, Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus price target of $210.80.

Insider Activity

In related news, VP Susan Lyman sold 2,829 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now owns 8,432 shares of the company’s stock, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the transaction, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at $33,963,108.50. The trade was a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock worth $5,486,094 in the last 90 days. 19.54% of the stock is currently owned by corporate 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.