Addison Advisors LLC Raises Position in Garmin Ltd. (NYSE:GRMN)

Addison Advisors LLC boosted its position in shares of Garmin Ltd. (NYSE:GRMN) by 11.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 522 shares of the scientific and technical instruments company’s stock after buying an additional 52 shares during the period. Addison Advisors LLC’s holdings in Garmin were worth $108,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GRMN. Golden State Wealth Management LLC purchased a new stake in shares of Garmin during the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. acquired a new stake in Garmin during the 4th quarter worth $29,000. Larson Financial Group LLC grew its holdings in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares in the last quarter. SOA Wealth Advisors LLC. acquired a new stake in shares of Garmin in the fourth quarter valued at about $37,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Garmin in the third quarter worth about $39,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

GRMN opened at $226.14 on Wednesday. The stock has a market capitalization of $43.51 billion, a PE ratio of 30.94, a P/E/G ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a one year low of $133.16 and a one year high of $246.50. The business’s 50 day moving average price is $213.89 and its 200 day moving average price is $196.76.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 19.31% and a net margin of 22.42%. The company’s revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.72 EPS. As a group, equities research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is presently 41.04%.

Analyst Ratings Changes

A number of analysts have commented on GRMN shares. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Morgan Stanley upgraded Garmin to a “sell” rating and upped their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Tigress Financial boosted their price objective on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Finally, Barclays upped their target price on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Garmin presently has an average rating of “Hold” and an average target price of $206.80.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 19.54% of the company’s stock.

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.