EdgeRock Capital LLC Acquires New Shares in Garmin Ltd. (NYSE:GRMN)

EdgeRock Capital LLC bought a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 438 shares of the scientific and technical instruments company’s stock, valued at approximately $53,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wetzel Investment Advisors Inc. purchased a new position in Garmin in the fourth quarter worth $26,000. Headinvest LLC purchased a new position in shares of Garmin in the 3rd quarter worth about $41,000. Blue Trust Inc. boosted its holdings in shares of Garmin by 35.2% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after purchasing an additional 99 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Garmin in the 4th quarter worth about $51,000. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Garmin in the 4th quarter worth about $55,000. 73.41% of the stock is currently owned by institutional investors.

Garmin Stock Performance

Shares of NYSE GRMN remained flat at $169.96 during mid-day trading on Wednesday. The company had a trading volume of 540,233 shares, compared to its average volume of 955,758. The stock has a 50 day moving average of $147.24 and a two-hundred day moving average of $130.80. Garmin Ltd. has a one year low of $99.61 and a one year high of $170.87. The company has a market capitalization of $32.65 billion, a P/E ratio of 23.97, a price-to-earnings-growth ratio of 5.31 and a beta of 0.99.

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 for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. The company’s revenue was up 20.4% on a year-over-year basis. Analysts forecast that Garmin Ltd. will post 5.58 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio is currently 42.31%.

Analyst Ratings Changes

A number of research firms have recently issued reports on GRMN. Barrington Research upped their price objective 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 stock a “neutral” rating in a research note on Wednesday, April 3rd. Tigress Financial reaffirmed a “strong-buy” rating and issued a $175.00 price target (up from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Barclays lifted their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lifted their price target on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $153.50.

Insider Activity at Garmin

In related news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the completion of the sale, the director now owns 758,834 shares in the company, valued at $106,236,760. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Garmin news, VP Susan Lyman sold 2,587 shares of the company’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 completion of the sale, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $140.00, for a total value of $2,100,000.00. Following the completion of the sale, the director now owns 758,834 shares of the company’s stock, valued at approximately $106,236,760. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,476 shares of company stock worth $14,166,944. 19.54% 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.