Garmin Ltd. (NYSE:GRMN) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp increased its holdings in Garmin Ltd. (NYSE:GRMN) by 15.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 24,224 shares of the scientific and technical instruments company’s stock after buying an additional 3,325 shares during the period. Cibc World Markets Corp’s holdings in Garmin were worth $4,996,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in shares of Garmin in the 4th quarter valued at about $26,000. Pinnacle Bancorp Inc. bought a new stake in Garmin in the 4th quarter valued at about $29,000. Larson Financial Group LLC lifted its position in Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 162 shares during the last quarter. SOA Wealth Advisors LLC. bought a new stake in Garmin in the 4th quarter valued at about $37,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Garmin in the 3rd quarter valued at about $39,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GRMN has been the topic of several recent research reports. Morgan Stanley upgraded shares of Garmin to a “sell” rating and lifted their price objective for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Barclays lifted their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Tigress Financial lifted their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $210.80.

Garmin Trading Up 1.1 %

GRMN stock opened at $208.90 on Thursday. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The company has a market capitalization of $40.19 billion, a price-to-earnings ratio of 28.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. The firm’s 50-day moving average is $217.00 and its two-hundred day moving average is $201.28.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $1.72 EPS. Garmin’s revenue was up 22.9% on a year-over-year basis. On average, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

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 paid a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.72%. Garmin’s dividend payout ratio is currently 41.04%.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares of the company’s stock, valued at $33,963,108.50. The trade was a 4.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,103 shares of company stock valued at $5,852,364 in the last quarter. Insiders own 19.54% 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.