Oppenheimer & Co. Inc. Sells 531 Shares of Garmin Ltd. (NYSE:GRMN)

Oppenheimer & Co. Inc. reduced its stake in Garmin Ltd. (NYSE:GRMN) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,764 shares of the scientific and technical instruments company’s stock after selling 531 shares during the period. Oppenheimer & Co. Inc.’s holdings in Garmin were worth $5,108,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GRMN. FMR LLC boosted its holdings in shares of Garmin by 40.8% in the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after acquiring an additional 1,093,219 shares during the period. Montrusco Bolton Investments Inc. purchased a new stake in shares of Garmin in the third quarter worth $53,252,000. Jacobs Levy Equity Management Inc. raised its position in shares of Garmin by 1,580.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock worth $50,570,000 after buying an additional 270,186 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Garmin by 123.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock worth $85,600,000 after buying an additional 268,996 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Garmin by 560.8% in the third quarter. KBC Group NV now owns 203,713 shares of the scientific and technical instruments company’s stock worth $35,860,000 after buying an additional 172,883 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Clifton A. Pemble sold 7,202 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the sale, the chief executive officer now owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. The trade was a 4.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Munn sold 4,637 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the completion of the sale, the director now directly owns 11,450 shares of the company’s stock, valued at approximately $2,579,799.50. This trade represents a 28.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,274 shares of company stock valued at $5,242,686. Insiders own 19.54% of the company’s stock.

Garmin Stock Up 2.2 %

NYSE GRMN opened at $228.88 on Friday. The stock’s 50-day simple moving average is $215.06 and its two-hundred day simple moving average is $197.58. Garmin Ltd. has a twelve month low of $136.25 and a twelve month high of $246.50. The company has a market capitalization of $44.04 billion, a price-to-earnings ratio of 31.31, a PEG ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating 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 business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the business posted $1.72 earnings per share. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.57%. Garmin’s dividend payout ratio is currently 41.04%.

Analyst Upgrades and Downgrades

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

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.