NewSquare Capital LLC Cuts Stock Position in Garmin Ltd. (NYSE:GRMN)

NewSquare Capital LLC cut its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 0.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,852 shares of the scientific and technical instruments company’s stock after selling 123 shares during the quarter. NewSquare Capital LLC’s holdings in Garmin were worth $6,888,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Golden State Wealth Management LLC purchased a new position in Garmin in the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. bought a new stake in shares of Garmin in the fourth quarter valued at $29,000. Larson Financial Group LLC lifted its position in shares of Garmin by 578.6% during 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 last quarter. SOA Wealth Advisors LLC. bought a new position in shares of Garmin during the 4th quarter worth $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Garmin in the 3rd quarter worth about $39,000. 81.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on GRMN shares. Tigress Financial upped 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. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. 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 note on Tuesday, February 11th. Finally, Barclays increased their target price on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Garmin has a consensus rating of “Hold” and an average target price of $210.80.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,274 shares of company stock valued at $5,242,686. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Down 2.7 %

Shares of NYSE:GRMN opened at $220.03 on Wednesday. Garmin Ltd. has a 12 month low of $138.30 and a 12 month high of $246.50. The stock has a market cap of $42.33 billion, a P/E ratio of 30.10, a P/E/G ratio of 1.36 and a beta of 0.98. The company has a 50 day moving average of $215.57 and a 200 day moving average of $198.69.

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, beating analysts’ consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.72 EPS. On average, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.90 per share. 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 1.64%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

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.