Peloton Wealth Strategists Has $2.37 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Peloton Wealth Strategists lessened its stake in shares of Garmin Ltd. (NYSE:GRMN) by 37.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,490 shares of the scientific and technical instruments company’s stock after selling 7,000 shares during the period. Peloton Wealth Strategists’ holdings in Garmin were worth $2,370,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Citigroup Inc. increased its holdings in shares of Garmin by 123.2% in the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after purchasing an additional 156,441 shares during the period. Passumpsic Savings Bank acquired a new position in shares of Garmin in the 3rd quarter valued at about $3,137,000. Advisors Asset Management Inc. increased its holdings in shares of Garmin by 24.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock valued at $3,086,000 after purchasing an additional 3,415 shares during the period. National Pension Service increased its holdings in shares of Garmin by 25.7% in the 3rd quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock valued at $50,004,000 after purchasing an additional 58,025 shares during the period. Finally, Diversified Trust Co acquired a new position in shares of Garmin in the 4th quarter valued at about $734,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the 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 transaction, the chief executive officer now owns 149,525 shares in the company, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,874 shares of company stock worth $3,571,966 over the last 90 days. Insiders own 19.54% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $223.98 on Friday. The stock’s 50 day moving average price is $214.66 and its 200 day moving average price is $197.16. Garmin Ltd. has a 52 week low of $134.11 and a 52 week high of $246.50. The company has a market capitalization of $43.09 billion, a P/E ratio of 30.64, a P/E/G ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the company posted $1.72 earnings per share. The firm’s revenue was up 22.9% on a year-over-year basis. As a group, sell-side analysts forecast 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. Shareholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.61%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays upped their target price on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. upped their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday. Finally, Morgan Stanley upgraded Garmin to a “sell” rating and increased their price objective for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $210.80.

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.