EdgeRock Capital LLC Buys New Stake in Garmin Ltd. (NYSE:GRMN)

EdgeRock Capital LLC bought a new stake in Garmin Ltd. (NYSE:GRMN) during the 4th quarter, Holdings Channel reports. The institutional investor bought 438 shares of the scientific and technical instruments company’s stock, valued at approximately $53,000.

Several other large investors have also recently bought and sold shares of the business. Greenleaf Trust boosted its stake in Garmin by 2.5% in the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock valued at $452,000 after acquiring an additional 87 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in Garmin by 1.4% in the fourth quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock valued at $924,000 after acquiring an additional 96 shares in the last quarter. Blue Trust Inc. boosted its stake in Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after acquiring an additional 99 shares in the last quarter. Independent Advisor Alliance boosted its stake in Garmin by 5.3% in the third quarter. Independent Advisor Alliance now owns 2,207 shares of the scientific and technical instruments company’s stock valued at $232,000 after acquiring an additional 111 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its stake in shares of Garmin by 32.0% during the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock worth $60,000 after buying an additional 113 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN remained flat at $169.96 during midday trading on Wednesday. 540,233 shares of the company traded hands, compared to its average volume of 955,758. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $170.87. The firm has a market capitalization of $32.65 billion, a P/E ratio of 23.97, a PEG ratio of 5.31 and a beta of 0.99. The firm has a fifty day moving average price of $147.24 and a two-hundred day moving average price of $130.80.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 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 the consensus estimate of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s revenue was up 20.4% on a year-over-year basis. During the same period last year, the business posted $1.02 EPS. On average, equities research analysts forecast that Garmin Ltd. will post 5.58 EPS for the current fiscal year.

Garmin Dividend Announcement

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 dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 42.31%.

Insider Activity at Garmin

In other news, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were 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 of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The disclosure for this sale can be found here. In the last three months, insiders sold 99,476 shares of company stock valued at $14,166,944. Corporate insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Tigress Financial reaffirmed a “strong-buy” rating and issued a $175.00 target price (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Barclays raised their price objective on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Barrington Research raised their price objective on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Finally, StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus target price of $153.50.

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.