Convergence Investment Partners LLC Buys Shares of 10,629 Garmin Ltd. (NYSE:GRMN)

Convergence Investment Partners LLC acquired a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,629 shares of the scientific and technical instruments company's stock, valued at approximately $1,366,000.

Other institutional investors also recently bought and sold shares of the company. Wetzel Investment Advisors Inc. purchased a new position in shares of Garmin during the 4th quarter worth $26,000. Avior Wealth Management LLC boosted its stake in 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 worth $30,000 after buying an additional 178 shares during the period. Headinvest LLC acquired a new stake in shares of Garmin during the third quarter valued at about $41,000. Blue Trust Inc. raised its stake in shares of Garmin by 35.2% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company's stock valued at $49,000 after acquiring an additional 99 shares during the period. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $51,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the business's stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total value of $2,233,350.00. Following the transaction, the director now directly owns 653,834 shares of the company's stock, valued at approximately $97,349,344.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total value of $2,233,350.00. Following the completion of the transaction, the director now owns 653,834 shares of the company's stock, valued at approximately $97,349,344.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,476 shares of company stock valued at $14,166,944. Company insiders own 19.89% of the company's stock.

Garmin Price Performance

Shares of Garmin stock traded up $0.42 during trading hours on Friday, hitting $143.45. The company had a trading volume of 625,349 shares, compared to its average volume of 770,905. The company's 50-day moving average is $142.51 and its two-hundred day moving average is $127.85. The company has a market cap of $27.55 billion, a P/E ratio of 21.38, a price-to-earnings-growth ratio of 4.70 and a beta of 0.98. Garmin Ltd. has a twelve month low of $95.40 and a twelve month high of $149.54.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.32. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.41 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The business's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.35 EPS. Sell-side analysts expect that Garmin Ltd. will post 5.45 EPS for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $0.75 dividend. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.09%. Garmin's dividend payout ratio (DPR) is currently 43.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GRMN. Bank of America lifted their price objective on Garmin from $120.00 to $165.00 and gave the company a "neutral" rating in a research note on Wednesday, April 3rd. StockNews.com raised shares of Garmin from a "hold" rating to a "buy" rating in a research report on Tuesday, April 23rd. Tigress Financial reissued a "strong-buy" rating and issued a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Barrington Research upped their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Garmin from $139.00 to $155.00 and gave the stock a "neutral" rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $142.33.

Garmin 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.