M&G Investment Management Ltd. Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

M&G Investment Management Ltd. lessened its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 9.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 297,129 shares of the scientific and technical instruments company's stock after selling 29,339 shares during the quarter. M&G Investment Management Ltd. owned approximately 0.16% of Garmin worth $38,330,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. bought a new position in Garmin during the 4th quarter valued at approximately $26,000. Headinvest LLC bought a new position in Garmin during the 3rd quarter valued at approximately $41,000. Blue Trust Inc. increased its position 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 valued at $49,000 after buying an additional 99 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Garmin in the 4th quarter worth $51,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Garmin in the 4th quarter worth $53,000. Hedge funds and other institutional investors own 73.41% of the company's stock.

Garmin Trading Up 0.3 %

NYSE GRMN traded up $0.56 on Tuesday, hitting $169.92. 506,630 shares of the company traded hands, compared to its average volume of 937,942. The company has a market capitalization of $32.64 billion, a price-to-earnings ratio of 23.97, a P/E/G ratio of 5.40 and a beta of 0.99. The business's 50 day moving average price is $149.10 and its 200-day moving average price is $132.43. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $170.87.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned $1.02 earnings per share. Garmin's quarterly revenue was up 20.4% compared to the same quarter last year. As a group, sell-side analysts predict that Garmin Ltd. will post 5.58 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a $0.75 dividend. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.77%. Garmin's payout ratio is 41.18%.

Analyst Ratings Changes

A number of analysts have commented on the company. StockNews.com lowered Garmin from a "buy" rating to a "hold" rating in a report on Wednesday, May 8th. Tigress Financial lifted their price objective on Garmin from $175.00 to $210.00 and gave the stock a "strong-buy" rating in a report on Tuesday. Bank of America lifted their price objective on Garmin from $120.00 to $165.00 and gave the stock a "neutral" rating in a report on Wednesday, April 3rd. Barrington Research lifted their price objective on Garmin from $119.00 to $140.00 and gave the stock an "equal weight" rating in a report on Thursday, February 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Garmin from $155.00 to $175.00 and gave the stock a "neutral" rating in a report on Thursday, May 2nd. Six investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $159.33.

Insider Activity

In other news, CEO Clifton A. Pemble sold 1,622 shares of the business's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Susan Lyman sold 2,587 shares of the business's stock in a transaction dated 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 Securities & Exchange Commission, which is available through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the business's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the sale, the chief executive officer now owns 159,319 shares in the company, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders have sold 99,476 shares of company stock worth $14,166,944 over the last ninety days. Corporate insiders own 19.54% 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.