Garmin Ltd. (NYSE:GRMN) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,431 shares of the scientific and technical instruments company’s stock after acquiring an additional 335 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Garmin were worth $2,755,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Lindbrook Capital LLC increased its stake in shares of Garmin by 32.0% during the 4th quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock valued at $60,000 after acquiring an additional 113 shares during the last quarter. abrdn plc increased its stake in shares of Garmin by 59.3% during the 4th quarter. abrdn plc now owns 84,425 shares of the scientific and technical instruments company’s stock valued at $10,852,000 after acquiring an additional 31,413 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Garmin during the 4th quarter valued at about $26,000. Greenleaf Trust grew its holdings in shares of Garmin by 2.5% during the 4th quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after purchasing an additional 87 shares during the period. Finally, Andrew Hill Investment Advisors Inc. purchased a new stake in shares of Garmin during the 4th quarter worth about $4,423,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Stock Up 1.1 %

NYSE GRMN opened at $142.51 on Wednesday. The stock has a market cap of $27.33 billion, a PE ratio of 21.24, a P/E/G ratio of 4.62 and a beta of 0.98. Garmin Ltd. has a fifty-two week low of $94.89 and a fifty-two week high of $149.54. The business has a 50 day moving average price of $141.30 and a two-hundred day moving average price of $127.10.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates 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%. Garmin’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.35 EPS. Sell-side analysts anticipate that Garmin Ltd. will post 5.45 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 43.52%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. boosted their target price on Garmin from $139.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Bank of America boosted their target price on Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Tigress Financial reiterated a “strong-buy” rating and set a $175.00 target price (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, Barrington Research boosted their target price on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $142.33.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction that occurred 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 directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock valued at $14,166,944 in the last three months. Corporate 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.