Schonfeld Strategic Advisors LLC Raises Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Schonfeld Strategic Advisors LLC increased its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 390.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,930 shares of the scientific and technical instruments company's stock after purchasing an additional 30,988 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Garmin were worth $8,030,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Activity

In other news, CFO Douglas G. Boessen sold 2,763 shares of the firm'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 completion of the sale, the chief financial officer now owns 30,936 shares in the company, valued at $7,008,550.80. This trade represents a 8.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the transaction, the chief executive officer now owns 149,525 shares in the company, valued at $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,342 shares of company stock valued at $5,486,094. 19.54% of the stock is currently owned by insiders.

Garmin Price Performance

GRMN traded down $1.99 on Monday, reaching $189.79. 875,497 shares of the company's stock were exchanged, compared to its average volume of 874,895. Garmin Ltd. has a twelve month low of $158.38 and a twelve month high of $246.50. The stock has a market cap of $36.56 billion, a PE ratio of 25.96, a P/E/G ratio of 1.36 and a beta of 0.99. The stock's fifty day moving average price is $203.74 and its 200-day moving average price is $206.95.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The company's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.90%. Garmin's dividend payout ratio is presently 47.37%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GRMN. JPMorgan Chase & Co. lowered 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. Morgan Stanley lifted their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday. Barclays reduced their price objective 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, Tigress Financial increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Garmin currently has an average rating of "Hold" and a consensus price target of $194.80.

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.