SteelPeak Wealth LLC Increases Stock Position in Garmin Ltd. (NYSE:GRMN)

SteelPeak Wealth LLC increased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 369.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,087 shares of the scientific and technical instruments company's stock after buying an additional 11,087 shares during the period. SteelPeak Wealth LLC's holdings in Garmin were worth $1,811,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Avior Wealth Management LLC boosted its position in shares of Garmin by 169.5% in the 3rd quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company's stock worth $30,000 after buying an additional 178 shares in the last quarter. Clear Street Markets LLC boosted its position in Garmin by 107.1% during the 1st quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company's stock worth $32,000 after purchasing an additional 166 shares during the period. Headinvest LLC purchased a new stake in shares of Garmin during the 3rd quarter valued at about $41,000. Blue Trust Inc. increased its stake in Garmin by 35.2% during the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company's stock worth $49,000 after buying an additional 99 shares during the period. Finally, Industrial Alliance Investment Management Inc. acquired a new position in shares of Garmin in the fourth quarter worth about $53,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In related news, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $146.15, for a total value of $2,192,250.00. Following the completion of the transaction, the director now owns 623,834 shares in the company, valued at approximately $91,173,339.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Jonathan Burrell sold 15,000 shares of the business's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $146.15, for a total value of $2,192,250.00. Following the sale, the director now owns 623,834 shares of the company's stock, valued at approximately $91,173,339.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction that occurred on 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 transaction, the chief executive officer now directly 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 sold 99,476 shares of company stock valued at $14,166,944. 19.89% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GRMN has been the topic of several research analyst reports. Tigress Financial reaffirmed a "strong-buy" rating and set a $175.00 price target (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Barrington Research boosted their price target on Garmin from $119.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, February 22nd. Bank of America upped their price target on Garmin from $120.00 to $165.00 and gave the company a "neutral" rating in a research report on Wednesday. JPMorgan Chase & Co. lowered shares of Garmin from an "overweight" rating to a "neutral" rating and set a $135.00 target price for the company. in a research note on Monday, January 8th. Finally, StockNews.com upgraded shares of Garmin from a "hold" rating to a "buy" rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and an average price target of $139.00.

Garmin Stock Up 1.8 %

NYSE GRMN traded up $2.63 during trading hours on Friday, hitting $147.53. The company had a trading volume of 603,116 shares, compared to its average volume of 951,012. The firm has a market cap of $28.29 billion, a P/E ratio of 21.99, a price-to-earnings-growth ratio of 4.79 and a beta of 0.98. Garmin Ltd. has a fifty-two week low of $94.89 and a fifty-two week high of $149.54. The business has a fifty day simple moving average of $136.11 and a 200-day simple moving average of $123.58.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.32. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.41 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.35 EPS. Equities analysts forecast that Garmin Ltd. will post 5.45 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.03%. Garmin's dividend payout ratio (DPR) is presently 44.71%.

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.