Greenleaf Trust Buys 87 Shares of Garmin Ltd. (NYSE:GRMN)

Greenleaf Trust boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,518 shares of the scientific and technical instruments company’s stock after purchasing an additional 87 shares during the period. Greenleaf Trust’s holdings in Garmin were worth $452,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Avior Wealth Management LLC lifted its stake in Garmin by 169.5% in the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock worth $30,000 after purchasing an additional 178 shares during the last quarter. Blue Trust Inc. lifted its stake in Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after purchasing an additional 99 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in Garmin in the fourth quarter worth $51,000. Headinvest LLC bought a new stake in Garmin in the third quarter worth $41,000. Finally, NBC Securities Inc. purchased a new position in shares of Garmin in the third quarter valued at about $57,000. 73.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Barrington Research boosted their price objective on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Bank of America boosted their price objective on shares of Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Tigress Financial restated a “strong-buy” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Finally, StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $142.33.

Garmin Price Performance

Shares of NYSE GRMN opened at $142.51 on Wednesday. Garmin Ltd. has a 1 year low of $94.89 and a 1 year high of $149.54. The company’s 50-day moving average is $141.30 and its 200 day moving average is $127.10. The stock has a market capitalization of $27.33 billion, a P/E ratio of 21.24, a P/E/G ratio of 4.58 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the company earned $1.35 earnings per share. Garmin’s quarterly revenue was up 13.3% on a year-over-year basis. Research analysts anticipate that Garmin Ltd. will post 5.45 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio (DPR) is presently 43.52%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Garmin news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the sale, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the sale, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,476 shares of company stock worth $14,166,944. 19.89% of the stock is currently owned by company insiders.

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.