Corebridge Financial Inc. Has $8.03 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Corebridge Financial Inc. grew its holdings in Garmin Ltd. (NYSE:GRMN) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,940 shares of the scientific and technical instruments company’s stock after purchasing an additional 212 shares during the period. Corebridge Financial Inc.’s holdings in Garmin were worth $8,032,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in Garmin in the 4th quarter valued at approximately $26,000. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin during the 4th quarter valued at $29,000. Larson Financial Group LLC increased its stake in shares of Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares during the last quarter. SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin during the fourth quarter worth $37,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Garmin during the third quarter valued at $39,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the sale, the chief executive officer now owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,763 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the transaction, the chief financial officer now owns 30,936 shares of the company’s stock, valued at $7,008,550.80. The trade was a 8.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,342 shares of company stock worth $5,486,094. Insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

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

Garmin Trading Down 0.1 %

NYSE GRMN opened at $216.61 on Friday. Garmin Ltd. has a 1 year low of $138.86 and a 1 year high of $246.50. The company has a fifty day simple moving average of $217.34 and a 200 day simple moving average of $202.52. The company has a market cap of $41.68 billion, a P/E ratio of 29.63, a P/E/G ratio of 1.36 and a beta of 0.96.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the company earned $1.72 earnings per share. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. Equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders 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 annualized dividend and a dividend yield of 1.66%. Garmin’s dividend payout ratio is 49.25%.

Garmin Company 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.