Point72 Hong Kong Ltd Takes $18.97 Million Position in Garmin Ltd. (NYSE:GRMN)

Point72 Hong Kong Ltd purchased a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 91,992 shares of the scientific and technical instruments company's stock, valued at approximately $18,974,000. Garmin accounts for about 1.2% of Point72 Hong Kong Ltd's investment portfolio, making the stock its 20th largest position.

A number of other hedge funds have also recently bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new position in shares of Garmin in the 4th quarter valued at $26,000. Aster Capital Management DIFC Ltd raised its stake in shares of Garmin by 864.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $28,000 after buying an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in shares of Garmin in the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. acquired a new position in shares of Garmin in the 4th quarter valued at $37,000. Finally, Kentucky Trust Co acquired a new stake in shares of Garmin during the 4th quarter worth about $41,000. 81.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, VP Susan Lyman sold 2,829 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares of the company's stock, valued at $1,817,180.32. This trade represents a 25.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Desbois sold 6,911 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the sale, the chief operating officer now directly owns 63,048 shares of the company's stock, valued at approximately $14,321,353.20. This represents a 9.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock worth $5,486,094 in the last ninety days. Corporate insiders own 15.38% of the company's stock.

Wall Street Analyst Weigh In

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

Garmin Stock Up 1.6%

Shares of GRMN stock traded up $3.19 on Friday, reaching $205.11. The company had a trading volume of 682,897 shares, compared to its average volume of 881,742. The business's 50-day moving average is $198.41 and its 200 day moving average is $208.52. Garmin Ltd. has a one year low of $158.38 and a one year high of $246.50. The stock has a market capitalization of $39.49 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 EPS. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors 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 of this dividend is Friday, March 13th. Garmin's dividend payout ratio is currently 47.37%.

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.