Bowen Hanes & Co. Inc. Has $46.48 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Bowen Hanes & Co. Inc. raised its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 225,365 shares of the scientific and technical instruments company’s stock after purchasing an additional 3,690 shares during the quarter. Bowen Hanes & Co. Inc. owned 0.12% of Garmin worth $46,484,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Geneos Wealth Management Inc. boosted its stake in Garmin by 1.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock valued at $591,000 after buying an additional 49 shares in the last quarter. Curbstone Financial Management Corp lifted its holdings in shares of Garmin by 1.3% during the fourth quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock valued at $802,000 after acquiring an additional 50 shares during the period. Larson Financial Group LLC boosted its stake in shares of Garmin by 26.8% in the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after purchasing an additional 51 shares in the last quarter. Addison Advisors LLC grew its holdings in shares of Garmin by 11.1% in the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock worth $108,000 after purchasing an additional 52 shares during the last quarter. Finally, HB Wealth Management LLC increased its position in shares of Garmin by 1.4% during the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock worth $788,000 after purchasing an additional 53 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on GRMN. Barclays boosted their price target on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research report on Thursday, February 20th. Tigress Financial boosted their target price on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Morgan Stanley upgraded Garmin to a “sell” rating and lifted their price objective for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, JPMorgan Chase & Co. boosted their price objective on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $210.80.

Garmin Price Performance

GRMN stock opened at $215.78 on Thursday. The company has a 50 day moving average price of $216.76 and a 200 day moving average price of $200.26. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50. The stock has a market capitalization of $41.52 billion, a PE ratio of 29.52, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.72 earnings per share. As a group, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is 41.04%.

Insider Buying and Selling

In related news, VP Susan Lyman sold 2,829 shares of Garmin stock in a transaction on Monday, March 10th. The stock was sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares of the company’s stock, valued at $1,817,180.32. The trade was a 25.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 149,525 shares of the company’s stock, valued at $33,963,108.50. This represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,103 shares of company stock valued at $5,852,364 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.