Garmin Ltd. (NYSE:GRMN) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN) by 23.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 105,640 shares of the scientific and technical instruments company’s stock after selling 32,206 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Garmin were worth $21,789,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of GRMN. EFG Asset Management North America Corp. increased its stake in shares of Garmin by 66.9% during the fourth quarter. EFG Asset Management North America Corp. now owns 10,066 shares of the scientific and technical instruments company’s stock worth $2,077,000 after acquiring an additional 4,034 shares during the period. Modern Wealth Management LLC increased its position in Garmin by 15.4% during the 4th quarter. Modern Wealth Management LLC now owns 2,089 shares of the scientific and technical instruments company’s stock worth $451,000 after purchasing an additional 279 shares during the period. Corebridge Financial Inc. increased its position in Garmin by 0.5% during the 4th quarter. Corebridge Financial Inc. now owns 38,940 shares of the scientific and technical instruments company’s stock worth $8,032,000 after purchasing an additional 212 shares during the period. Congress Wealth Management LLC DE lifted its holdings in shares of Garmin by 27.4% in the 4th quarter. Congress Wealth Management LLC DE now owns 3,370 shares of the scientific and technical instruments company’s stock valued at $695,000 after buying an additional 724 shares during the period. Finally, CMC Financial Group acquired a new stake in shares of Garmin in the 4th quarter valued at approximately $226,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Down 0.1 %

Garmin stock opened at $216.61 on Friday. The firm’s 50-day simple moving average is $217.34 and its 200 day simple moving average is $202.52. Garmin Ltd. has a 52 week low of $138.86 and a 52 week high of $246.50. The firm has a market capitalization of $41.68 billion, a PE 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 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the business earned $1.72 earnings per share. The company’s quarterly revenue was up 22.9% on a year-over-year basis. On average, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is presently 49.25%.

Analyst Upgrades and Downgrades

GRMN has been the subject of several research analyst reports. 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 shares of Garmin to a “sell” rating and increased their price target for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. Barclays boosted their price objective on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Finally, Tigress Financial increased their target price on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Garmin currently has an average rating of “Hold” and an average price target of $210.80.

Insider Activity at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction on 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 $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Susan Lyman sold 2,829 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the transaction, the vice president now 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 disclosure for this sale can be found here. In the last quarter, insiders sold 24,342 shares of company stock valued at $5,486,094. 19.54% of the stock is owned by insiders.

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.