Bayesian Capital Management LP Buys 6,700 Shares of Garmin Ltd. (NYSE:GRMN)

Bayesian Capital Management LP grew its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 79.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,152 shares of the scientific and technical instruments company's stock after purchasing an additional 6,700 shares during the quarter. Bayesian Capital Management LP's holdings in Garmin were worth $3,125,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GRMN. Diversified Trust Co acquired a new stake in shares of Garmin in the 4th quarter worth about $734,000. Montrusco Bolton Investments Inc. raised its holdings in Garmin by 42.5% during the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company's stock worth $88,937,000 after purchasing an additional 128,672 shares in the last quarter. Baskin Financial Services Inc. lifted its position in Garmin by 3.2% in the fourth quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company's stock worth $30,724,000 after purchasing an additional 4,616 shares during the period. Savant Capital LLC boosted its stake in Garmin by 47.2% during the 4th quarter. Savant Capital LLC now owns 9,075 shares of the scientific and technical instruments company's stock valued at $1,872,000 after purchasing an additional 2,910 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Garmin during the 4th quarter valued at $127,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GRMN. Tigress Financial upped their price objective on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a report on Wednesday, February 26th. Barclays cut their price target 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. JPMorgan Chase & Co. lowered their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Morgan Stanley raised their target price on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Three 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 MarketBeat, the company presently has an average rating of "Hold" and an average price target of $194.80.

Garmin Trading Up 0.6 %

NYSE GRMN traded up $1.14 during trading on Wednesday, reaching $188.28. 928,413 shares of the company's stock were exchanged, compared to its average volume of 874,822. The firm has a market capitalization of $36.25 billion, a PE ratio of 25.76, a P/E/G ratio of 1.36 and a beta of 0.99. Garmin Ltd. has a fifty-two week low of $158.38 and a fifty-two week high of $246.50. The company's fifty day simple moving average is $202.28 and its 200-day simple moving average is $206.97.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the prior year, the business posted $1.42 earnings per share. Garmin's revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is presently 47.37%.

Insiders Place Their Bets

In related news, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the completion of the sale, the chief executive officer now directly owns 149,525 shares of the company's stock, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction 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 completion of the transaction, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. This trade represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock valued at $5,486,094 over the last quarter. Insiders own 15.38% of the company's stock.

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.