Wealth Advisors of Tampa Bay LLC Sells 110 Shares of Garmin Ltd. (NYSE:GRMN)

Wealth Advisors of Tampa Bay LLC trimmed its position in Garmin Ltd. (NYSE:GRMN) by 0.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,425 shares of the scientific and technical instruments company’s stock after selling 110 shares during the period. Garmin comprises 2.3% of Wealth Advisors of Tampa Bay LLC’s investment portfolio, making the stock its 11th biggest position. Wealth Advisors of Tampa Bay LLC’s holdings in Garmin were worth $5,450,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GRMN. Golden State Wealth Management LLC purchased a new stake in shares of Garmin during the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. bought a new position in Garmin during the fourth quarter valued at about $29,000. SOA Wealth Advisors LLC. bought a new position in Garmin during the fourth quarter valued at about $37,000. Kentucky Trust Co purchased a new stake in Garmin during the fourth quarter worth about $41,000. Finally, Venturi Wealth Management LLC raised its position in Garmin by 67.7% in the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock worth $43,000 after acquiring an additional 84 shares during the period. 81.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Garmin to a “sell” rating and raised their price target for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. boosted their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Finally, Barclays increased their price target on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $210.80.

Insider Activity

In other Garmin news, VP Susan Lyman sold 2,829 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the transaction, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. This represents a 25.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Munn sold 4,637 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the completion of the sale, the director now directly owns 11,450 shares in the company, valued at approximately $2,579,799.50. The trade was a 28.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,342 shares of company stock worth $5,486,094. 19.54% of the stock is owned by company insiders.

Garmin Price Performance

Shares of GRMN stock opened at $185.28 on Friday. The stock has a market capitalization of $35.65 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 1.36 and a beta of 0.96. The company’s fifty day simple moving average is $216.77 and its two-hundred day simple moving average is $203.57. Garmin Ltd. has a 1 year low of $138.86 and a 1 year high of $246.50.

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, beating analysts’ consensus estimates of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.72 EPS. Equities research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Friday, March 13th. Garmin’s payout ratio is 49.25%.

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.