Novem Group Invests $987,000 in Garmin Ltd. (NYSE:GRMN)

by · The Cerbat Gem

Novem Group acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN – Free Report) during the 4th quarter, Holdings Channel.com reports. The firm acquired 4,783 shares of the scientific and technical instruments company’s stock, valued at approximately $987,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. raised its stake in shares of Garmin by 1.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock valued at $591,000 after purchasing an additional 49 shares during the period. Curbstone Financial Management Corp raised its position in Garmin by 1.3% in the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock valued at $802,000 after buying an additional 50 shares during the last quarter. Larson Financial Group LLC raised its position in Garmin by 26.8% in the 4th 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 lifted its stake in Garmin by 11.1% in the 4th 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 in the last quarter. Finally, HB Wealth Management LLC boosted its position in Garmin by 1.4% during the 4th 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.

Analysts Set New Price Targets

A number of analysts have recently commented on GRMN shares. Morgan Stanley boosted their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research report on Thursday, May 1st. Tigress Financial lifted their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. reduced their price objective on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Finally, Barclays lowered their target price on Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $194.80.

Read Our Latest Report on Garmin

Garmin Trading Down 1.4%

NYSE GRMN opened at $200.89 on Thursday. The firm has a market capitalization of $38.68 billion, a P/E ratio of 27.48, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99. The firm’s fifty day moving average price is $197.82 and its two-hundred day moving average price is $208.55. Garmin Ltd. has a 1 year low of $158.38 and a 1 year high of $246.50.

Garmin (NYSE:GRMN – Get Free Report) last issued its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the company posted $1.42 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. Garmin’s payout ratio is 47.37%.

Insider Transactions at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now owns 8,432 shares in the company, valued at approximately $1,817,180.32. This trade represents a 25.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the sale, the chief operating officer now directly owns 63,048 shares of the company’s stock, valued at $14,321,353.20. The trade was a 9.88% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 24,342 shares of company stock worth $5,486,094. 15.38% of the stock is owned by company insiders.

Garmin Company Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMN – Free Report).