OMERS ADMINISTRATION Corp Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

OMERS ADMINISTRATION Corp reduced its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 23.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,178 shares of the scientific and technical instruments company's stock after selling 4,136 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Garmin were worth $2,718,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GRMN. Czech National Bank lifted its stake in shares of Garmin by 6.3% in the 4th quarter. Czech National Bank now owns 33,308 shares of the scientific and technical instruments company's stock valued at $6,870,000 after purchasing an additional 1,984 shares during the period. Eastern Bank raised its holdings in Garmin by 50.0% in the fourth quarter. Eastern Bank now owns 1,500 shares of the scientific and technical instruments company's stock worth $309,000 after purchasing an additional 500 shares in the last quarter. Pallas Capital Advisors LLC lifted its position in Garmin by 84.2% during the fourth quarter. Pallas Capital Advisors LLC now owns 3,073 shares of the scientific and technical instruments company's stock valued at $634,000 after buying an additional 1,405 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in Garmin during the fourth quarter valued at $220,000. Finally, Board of the Pension Protection Fund bought a new stake in shares of Garmin during the 4th quarter valued at $1,031,000. 81.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GRMN shares. Barclays decreased their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Morgan Stanley raised their target price on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. dropped their price target on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Finally, Tigress Financial upped their price target on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of "Hold" and a consensus target price of $194.80.

Garmin Trading Up 1.6%

NYSE:GRMN traded up $3.19 on Friday, reaching $205.11. 682,897 shares of the stock traded hands, compared to its average volume of 881,742. The company has a market capitalization of $39.49 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 1.36 and a beta of 0.99. Garmin Ltd. has a 12 month low of $158.38 and a 12 month high of $246.50. The company's fifty day simple moving average is $198.41 and its 200 day simple moving average is $208.52.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. 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 previous year, the company earned $1.42 EPS. The company's quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Friday, March 13th. Garmin's payout ratio is 47.37%.

Insider Transactions at Garmin

In other news, VP Susan Lyman sold 2,829 shares of Garmin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. The trade was a 25.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Douglas G. Boessen sold 2,763 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $226.55, for a total transaction of $625,957.65. Following the transaction, the chief financial officer now directly owns 30,936 shares of the company's stock, valued at $7,008,550.80. The trade was a 8.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock worth $5,486,094 over the last quarter. 15.38% of the stock is currently owned by insiders.

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.