Garmin Ltd. (NYSE:GRMN) Shares Bought by Siemens Fonds Invest GmbH

Siemens Fonds Invest GmbH increased its stake in Garmin Ltd. (NYSE:GRMN) by 45.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,640 shares of the scientific and technical instruments company’s stock after buying an additional 7,414 shares during the quarter. Siemens Fonds Invest GmbH’s holdings in Garmin were worth $4,876,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Garmin during the fourth quarter worth $396,184,000. Northern Trust Corp boosted its position in Garmin by 20.2% in the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock valued at $352,394,000 after buying an additional 286,765 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Garmin by 164.7% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company’s stock valued at $82,121,000 after acquiring an additional 247,726 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Garmin by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock worth $3,726,645,000 after acquiring an additional 215,344 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Garmin by 32.2% in the fourth quarter. Allianz Asset Management GmbH now owns 675,950 shares of the scientific and technical instruments company’s stock worth $139,421,000 after acquiring an additional 164,818 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Morgan Stanley lifted their price objective on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a report on Thursday, May 1st. Barclays decreased their price target on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price target on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Finally, Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $194.80.

Insider Buying and Selling

In related news, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. The trade was a 25.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Desbois sold 6,911 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the sale, the chief operating officer now directly owns 63,048 shares of the company’s stock, valued at approximately $14,321,353.20. This represents a 9.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock valued at $5,486,094 over the last three months. Company insiders own 15.38% of the company’s stock.

Garmin Stock Up 0.8%

Shares of GRMN opened at $202.25 on Friday. The firm has a market capitalization of $38.94 billion, a PE ratio of 27.67, a P/E/G ratio of 1.36 and a beta of 0.99. The firm has a 50-day moving average price of $198.58 and a 200 day moving average price of $208.23. Garmin Ltd. has a 52-week low of $158.38 and a 52-week high of $246.50.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the business earned $1.42 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.78%. Garmin’s dividend payout ratio is currently 47.37%.

About Garmin

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.