Garmin Ltd. (NYSE:GRMN) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 3.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,747 shares of the scientific and technical instruments company’s stock after selling 1,938 shares during the period. Mackenzie Financial Corp’s holdings in Garmin were worth $7,937,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Avior Wealth Management LLC boosted its stake in shares of Garmin by 169.5% in the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock worth $30,000 after acquiring an additional 178 shares during the last quarter. Clear Street Markets LLC boosted its stake in Garmin by 107.1% during the first quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock worth $32,000 after buying an additional 166 shares during the last quarter. Headinvest LLC acquired a new position in Garmin during the third quarter worth $41,000. Blue Trust Inc. boosted its stake in Garmin by 35.2% during the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in Garmin during the fourth quarter worth $51,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GRMN shares. JPMorgan Chase & Co. boosted their price objective on Garmin from $139.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research note on Wednesday. Barrington Research boosted their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Bank of America lifted their target price on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Finally, Tigress Financial restated a “strong-buy” rating and issued a $175.00 target price (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $142.33.

Insider Activity at Garmin

In related news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $140.00, for a total value of $2,100,000.00. Following the sale, the director now owns 758,834 shares in the company, valued at approximately $106,236,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $140.00, for a total value of $2,100,000.00. Following the sale, the director now owns 758,834 shares in the company, valued at approximately $106,236,760. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,476 shares of company stock worth $14,166,944. 19.89% of the stock is currently owned by company insiders.

Garmin Stock Down 0.9 %

NYSE:GRMN opened at $139.52 on Friday. The company has a market capitalization of $26.76 billion, a P/E ratio of 20.79, a P/E/G ratio of 4.62 and a beta of 0.98. Garmin Ltd. has a 52 week low of $94.89 and a 52 week high of $149.54. The stock’s fifty day moving average is $140.52 and its two-hundred day moving average is $126.27.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.32. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.41 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.35 EPS. Sell-side analysts anticipate that Garmin Ltd. will post 5.45 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $0.75 dividend. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.15%. Garmin’s dividend payout ratio is presently 43.52%.

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.