HB Wealth Management LLC Sells 563 Shares of Garmin Ltd. (NYSE:GRMN)

HB Wealth Management LLC trimmed its stake in Garmin Ltd. (NYSE:GRMN) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,211 shares of the scientific and technical instruments company’s stock after selling 563 shares during the quarter. HB Wealth Management LLC’s holdings in Garmin were worth $413,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Avior Wealth Management LLC grew its stake in Garmin by 169.5% in the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock valued at $30,000 after purchasing an additional 178 shares in the last quarter. Clear Street Markets LLC grew its stake in Garmin by 107.1% in the first quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock valued at $32,000 after purchasing an additional 166 shares in the last quarter. Headinvest LLC bought a new position in Garmin in the third quarter valued at approximately $41,000. NBC Securities Inc. bought a new position in Garmin in the third quarter valued at approximately $57,000. Finally, Industrial Alliance Investment Management Inc. bought a new position in Garmin in the fourth quarter valued at approximately $53,000. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of analyst reports. JPMorgan Chase & Co. downgraded Garmin from an “overweight” rating to a “neutral” rating and set a $135.00 price target for the company. in a research note on Monday, January 8th. Tigress Financial reaffirmed a “strong-buy” rating and issued a $175.00 price objective (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Barrington Research raised their price objective on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, March 5th. Seven equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $131.50.

Garmin Price Performance

Shares of NYSE GRMN opened at $147.98 on Thursday. The stock has a market capitalization of $28.38 billion, a PE ratio of 22.05, a P/E/G ratio of 4.83 and a beta of 0.97. The business has a fifty day moving average price of $133.09 and a two-hundred day moving average price of $121.70. Garmin Ltd. has a fifty-two week low of $94.89 and a fifty-two week high of $149.42.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.32. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.35 EPS. On average, equities analysts expect that Garmin Ltd. will post 5.43 EPS for the current 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.03%. Garmin’s payout ratio is 43.52%.

Insider Activity

In other news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now owns 7,174 shares in the company, valued at approximately $969,781.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now owns 7,174 shares in the company, valued at approximately $969,781.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,476 shares of company stock worth $14,166,944. Insiders own 19.89% of the company’s stock.

Garmin 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.