The Manufacturers Life Insurance Company Has $22.23 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

The Manufacturers Life Insurance Company lessened its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 107,756 shares of the scientific and technical instruments company's stock after selling 1,605 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Garmin worth $22,226,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GRMN. Geneos Wealth Management Inc. boosted its stake in shares of Garmin by 1.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company's stock valued at $591,000 after buying an additional 49 shares during the last quarter. Curbstone Financial Management Corp increased its stake in shares of Garmin by 1.3% in the fourth quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company's stock worth $802,000 after buying an additional 50 shares during the last quarter. Larson Financial Group LLC raised its holdings in Garmin by 26.8% in the fourth quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company's stock valued at $50,000 after acquiring an additional 51 shares in the last quarter. Addison Advisors LLC boosted its stake in Garmin by 11.1% during the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company's stock valued at $108,000 after acquiring an additional 52 shares during the last quarter. Finally, HB Wealth Management LLC grew its holdings in Garmin by 1.4% during the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company's stock worth $788,000 after acquiring an additional 53 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Down 1.5 %

GRMN stock traded down $2.81 during mid-day trading on Tuesday, reaching $187.34. The company had a trading volume of 727,031 shares, compared to its average volume of 874,436. 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 $36.09 billion, a P/E ratio of 25.63, a P/E/G ratio of 1.36 and a beta of 0.99. The stock's 50-day simple moving average is $203.01 and its two-hundred day simple moving average is $207.10.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.42 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.92%. Garmin's dividend payout ratio is presently 47.37%.

Insider Buying and Selling at Garmin

In other Garmin news, VP Susan Lyman sold 2,829 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the transaction, the vice president now owns 8,432 shares of the company's stock, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the transaction, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,342 shares of company stock valued at $5,486,094. Company insiders own 19.54% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays cut their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Morgan Stanley upped their price objective on 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. decreased their target price on Garmin from $220.00 to $215.00 and set a "neutral" rating for the company 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 company a "strong-buy" rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $194.80.

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.