Peloton Wealth Strategists Sells 7,000 Shares of Garmin Ltd. (NYSE:GRMN)

Peloton Wealth Strategists trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 37.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,490 shares of the scientific and technical instruments company’s stock after selling 7,000 shares during the quarter. Peloton Wealth Strategists’ holdings in Garmin were worth $2,370,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in Garmin in the fourth quarter worth $26,000. Pinnacle Bancorp Inc. bought a new position in Garmin in the fourth quarter worth $29,000. Larson Financial Group LLC lifted its position in 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 purchasing an additional 162 shares during the period. SOA Wealth Advisors LLC. bought a new position in Garmin in the fourth quarter worth $37,000. Finally, Itau Unibanco Holding S.A. bought a new position in Garmin in the third quarter worth $39,000. 81.60% of the stock is owned by institutional investors.

Garmin Price Performance

Garmin stock opened at $223.98 on Friday. The stock has a fifty day moving average price of $214.66 and a two-hundred day moving average price of $197.16. Garmin Ltd. has a 52-week low of $134.11 and a 52-week high of $246.50. The firm has a market capitalization of $43.09 billion, a P/E ratio of 30.64, a P/E/G ratio of 1.36 and a beta of 0.98.

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

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.61%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Analysts Set New Price Targets

GRMN has been the subject of several research reports. Morgan Stanley raised Garmin to a “sell” rating and raised their target price for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Barclays raised their target price on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday. Finally, 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 note on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Garmin presently has an average rating of “Hold” and an average price target of $210.80.

Insider Activity

In other news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction dated 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 approximately $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,874 shares of company stock worth $3,571,966. 19.54% of the stock is owned by corporate insiders.

About Garmin

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.