Garmin Ltd. (NYSE:GRMN) Stock Position Lessened by Man Group plc

Man Group plc lowered its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 52.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 75,572 shares of the scientific and technical instruments company's stock after selling 82,068 shares during the quarter. Man Group plc's holdings in Garmin were worth $15,587,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in Garmin in the fourth quarter worth $26,000. Aster Capital Management DIFC Ltd grew its stake in shares of Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after purchasing an additional 121 shares during the period. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin in the 4th quarter valued at about $29,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Garmin in the fourth quarter valued at about $37,000. Finally, Kentucky Trust Co acquired a new position in Garmin during the fourth quarter worth about $41,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Morgan Stanley boosted their price target on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. decreased their target price on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Barclays cut their price target on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Finally, 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. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Garmin has a consensus rating of "Hold" and a consensus target price of $194.80.

Garmin Price Performance

NYSE:GRMN traded down $2.87 during mid-day trading on Wednesday, reaching $200.89. The company's stock had a trading volume of 720,555 shares, compared to its average volume of 880,412. The stock has a market cap of $38.68 billion, a P/E ratio of 27.48, a P/E/G ratio of 1.36 and a beta of 0.99. The company's fifty day simple moving average is $198.09 and its two-hundred day simple moving average is $208.60. Garmin Ltd. has a twelve month low of $158.38 and a twelve month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share 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 business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm earned $1.42 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is 47.37%.

Insider Activity at Garmin

In other news, COO Patrick Desbois sold 6,911 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was 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 in the company, valued at approximately $14,321,353.20. This represents a 9.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the sale, the chief executive officer now owns 149,525 shares in the company, 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 24,342 shares of company stock valued at $5,486,094. Insiders own 15.38% of the company's stock.

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.