Garmin Ltd. (NYSE:GRMN) Shares Acquired by Sanctuary Advisors LLC

by · The Markets Daily

Sanctuary Advisors LLC grew its stake in Garmin Ltd. (NYSE:GRMN – Free Report) by 22.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,510 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,931 shares during the quarter. Sanctuary Advisors LLC’s holdings in Garmin were worth $2,281,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. J.W. Cole Advisors Inc. acquired a new stake in Garmin during the fourth quarter worth about $212,000. Allworth Financial LP raised its stake in Garmin by 107.1% during the fourth quarter. Allworth Financial LP now owns 1,015 shares of the scientific and technical instruments company’s stock worth $219,000 after acquiring an additional 525 shares during the period. Principal Securities Inc. raised its stake in Garmin by 23.0% during the fourth quarter. Principal Securities Inc. now owns 1,781 shares of the scientific and technical instruments company’s stock worth $367,000 after acquiring an additional 333 shares during the period. Banque Pictet & Cie SA acquired a new stake in Garmin during the fourth quarter worth about $4,437,000. Finally, Van ECK Associates Corp raised its stake in Garmin by 5.9% during the fourth quarter. Van ECK Associates Corp now owns 29,900 shares of the scientific and technical instruments company’s stock worth $6,167,000 after acquiring an additional 1,659 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Garmin to a “sell” rating and increased their price objective for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Tigress Financial upped their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. upped their target price on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Barclays upped their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus price target of $206.80.

Get Our Latest Report on Garmin

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 19.54% of the company’s stock.

Garmin Trading Down 1.9 %

NYSE GRMN opened at $224.67 on Friday. The company has a 50-day moving average price of $213.43 and a two-hundred day moving average price of $195.51. The stock has a market cap of $43.23 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a 52 week low of $131.20 and a 52 week high of $246.50.

Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s revenue was up 22.9% on a year-over-year basis. During the same period last year, the firm posted $1.72 earnings per share. As a group, equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Garmin 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.

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