Penobscot Investment Management Company Inc. Reduces Holdings in Garmin Ltd. (NYSE:GRMN)

Penobscot Investment Management Company Inc. lowered its position in Garmin Ltd. (NYSE:GRMN) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,654 shares of the scientific and technical instruments company’s stock after selling 71 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Garmin were worth $754,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GRMN. Golden State Wealth Management LLC purchased a new stake in Garmin in the fourth quarter worth $26,000. Pinnacle Bancorp Inc. bought a new stake in Garmin during the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted 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 buying an additional 162 shares during the period. SOA Wealth Advisors LLC. purchased a new position in shares of Garmin during the fourth quarter worth approximately $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Garmin in the third quarter valued at approximately $39,000. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Down 0.7 %

Shares of Garmin stock opened at $216.95 on Thursday. The company has a market cap of $41.74 billion, a P/E ratio of 29.68, a PEG ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The firm’s 50 day moving average price is $217.30 and its 200-day moving average price is $202.42.

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

Garmin Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is presently 49.25%.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 7,202 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the sale, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at $33,963,108.50. This trade represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 2,763 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $226.55, for a total transaction of $625,957.65. Following the sale, the chief financial officer now directly owns 30,936 shares in the company, valued at $7,008,550.80. The trade was a 8.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock worth $5,486,094 over the last three months. 19.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on GRMN. Barclays upped their target price on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Morgan Stanley raised shares of Garmin to a “sell” rating and raised their target price for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. 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 report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $210.80.

Garmin Company 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.