Garmin Ltd. (NYSE:GRMN) Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lessened its position in Garmin Ltd. (NYSE:GRMN) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,576 shares of the scientific and technical instruments company’s stock after selling 286 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Garmin were worth $3,841,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Epoch Investment Partners Inc. purchased a new stake in Garmin during the fourth quarter worth about $54,460,000. M&G Plc purchased a new stake in Garmin during the 1st quarter worth approximately $38,727,000. SW Investment Management LLC acquired a new stake in Garmin during the 4th quarter worth approximately $28,279,000. Goldman Sachs Group Inc. grew its stake in shares of Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock worth $110,869,000 after acquiring an additional 190,739 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Garmin in the fourth quarter worth $20,848,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Price Performance

Garmin stock opened at $183.29 on Friday. The stock’s fifty day moving average is $169.98 and its two-hundred day moving average is $157.69. The stock has a market cap of $35.21 billion, a PE ratio of 25.85, a P/E/G ratio of 3.55 and a beta of 0.98. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $183.88.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.45 earnings per share. On average, research analysts expect that Garmin Ltd. will post 6 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.64%. Garmin’s dividend payout ratio is currently 42.31%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GRMN shares. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Finally, Tigress Financial boosted their price objective on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $156.83.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. Insiders sold a total of 16,618 shares of company stock valued at $2,851,673 over the last ninety days. Insiders own 19.54% of the company’s stock.

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.