Ameriprise Financial Inc. Sells 168,072 Shares of Garmin Ltd. (NYSE:GRMN)

Ameriprise Financial Inc. lowered its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 34.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 325,472 shares of the scientific and technical instruments company's stock after selling 168,072 shares during the period. Ameriprise Financial Inc. owned approximately 0.17% of Garmin worth $67,139,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new stake in shares of Garmin in the fourth quarter valued at about $26,000. Aster Capital Management DIFC Ltd raised its stake in shares of Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $28,000 after purchasing an additional 121 shares during the period. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin during the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin during the fourth quarter valued at approximately $37,000. Finally, Kentucky Trust Co acquired a new stake in Garmin during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Activity at Garmin

In other Garmin 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 transaction, the chief executive officer now directly owns 149,525 shares in the company, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Desbois sold 6,911 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the sale, the chief operating officer now owns 63,048 shares of the company's stock, valued at approximately $14,321,353.20. This trade represents a 9.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,342 shares of company stock valued at $5,486,094. 15.38% of the stock is owned by corporate insiders.

Garmin Stock Performance

Shares of GRMN stock traded up $2.52 during trading on Tuesday, hitting $200.50. 749,278 shares of the company were exchanged, compared to its average volume of 878,532. The business's 50-day simple moving average is $199.64 and its 200 day simple moving average is $208.08. Garmin Ltd. has a twelve month low of $158.38 and a twelve month high of $246.50. The firm has a market capitalization of $38.60 billion, a price-to-earnings ratio of 27.43, a P/E/G ratio of 1.36 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The business's revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors 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 yield of 1.80%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is presently 47.37%.

Analysts Set New Price Targets

GRMN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Morgan Stanley raised their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. Tigress Financial increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. Finally, Barclays decreased their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Garmin currently has an average rating of "Hold" and an average target price of $194.80.

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.