Cullen Investment Group LTD. Acquires New Stake in Garmin Ltd. (NYSE:GRMN)

Cullen Investment Group LTD. bought a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 33,504 shares of the scientific and technical instruments company's stock, valued at approximately $4,307,000.

A number of other large investors have also recently bought and sold shares of the business. Avior Wealth Management LLC raised its holdings in shares of Garmin by 169.5% during the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company's stock valued at $30,000 after buying an additional 178 shares during the last quarter. Clear Street Markets LLC raised its holdings in shares of Garmin by 107.1% during the first quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company's stock valued at $32,000 after buying an additional 166 shares during the last quarter. Headinvest LLC bought a new stake in shares of Garmin during the third quarter valued at approximately $41,000. Blue Trust Inc. raised its holdings in shares of Garmin by 35.2% during the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company's stock valued at $49,000 after buying an additional 99 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Garmin during the fourth quarter valued at approximately $51,000. Institutional investors own 73.41% of the company's stock.

Garmin Stock Down 1.0 %

Garmin stock traded down $1.50 during mid-day trading on Monday, hitting $141.61. The company's stock had a trading volume of 899,823 shares, compared to its average volume of 929,292. The stock has a market capitalization of $27.16 billion, a P/E ratio of 21.11, a P/E/G ratio of 4.69 and a beta of 0.98. Garmin Ltd. has a twelve month low of $94.89 and a twelve month high of $149.54. The stock's fifty day moving average price is $138.61 and its two-hundred day moving average price is $125.30.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, topping 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 firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the previous year, the company posted $1.35 EPS. The company's quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts expect that Garmin Ltd. will post 5.45 earnings per share for the current year.

Garmin Announces Dividend

The company also recently disclosed 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. This represents a $3.00 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, December 13th. Garmin's payout ratio is 43.52%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. 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 report on Tuesday, February 27th. Bank of America boosted their target price on Garmin from $120.00 to $165.00 and gave the stock a "neutral" rating in a report on Wednesday, April 3rd. Barrington Research boosted their target price on Garmin from $119.00 to $140.00 and gave the stock an "equal weight" rating in a report on Thursday, February 22nd. StockNews.com raised Garmin from a "hold" rating to a "buy" rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on Garmin from $139.00 to $155.00 and gave the stock a "neutral" rating in a report on Thursday. Six investment 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 company. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus price target of $142.33.

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.