Pittenger & Anderson Inc. Acquires 5,010 Shares of Garmin Ltd. (NYSE:GRMN)

Pittenger & Anderson Inc. increased its stake in shares of Garmin Ltd. (NYSE:GRMN) by 417.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,210 shares of the scientific and technical instruments company’s stock after purchasing an additional 5,010 shares during the period. Pittenger & Anderson Inc.’s holdings in Garmin were worth $798,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. raised its position in Garmin by 6.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 7,925 shares of the scientific and technical instruments company’s stock worth $1,019,000 after acquiring an additional 489 shares during the period. Alaska Permanent Fund Corp bought a new position in shares of Garmin during the 4th quarter valued at approximately $1,729,000. Yousif Capital Management LLC increased its holdings in Garmin by 27.6% in the 4th quarter. Yousif Capital Management LLC now owns 27,689 shares of the scientific and technical instruments company’s stock worth $3,559,000 after acquiring an additional 5,985 shares in the last quarter. NewSquare Capital LLC raised its stake in Garmin by 0.7% during the 4th quarter. NewSquare Capital LLC now owns 33,415 shares of the scientific and technical instruments company’s stock worth $4,237,000 after acquiring an additional 226 shares during the period. Finally, GAMMA Investing LLC purchased a new position in Garmin during the fourth quarter valued at approximately $147,000. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the transaction, the director now owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $146.15, for a total value of $2,192,250.00. Following the transaction, the director now owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,476 shares of company stock worth $14,166,944. Corporate insiders own 19.89% of the company’s stock.

Garmin Stock Up 0.2 %

NYSE GRMN traded up $0.24 during trading on Thursday, hitting $143.03. 528,229 shares of the stock traded hands, compared to its average volume of 938,937. The company has a market capitalization of $27.43 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 4.67 and a beta of 0.98. Garmin Ltd. has a 12-month low of $94.89 and a 12-month high of $149.54. The firm has a 50-day simple moving average of $141.70 and a 200-day simple moving average of $127.21.

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

Garmin Dividend Announcement

The firm also recently declared 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s payout ratio is 43.52%.

Analysts Set New Price Targets

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

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.