CIBC Asset Management Inc raised its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 9.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 12,226 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,039 shares during the quarter. CIBC Asset Management Inc’s holdings in Garmin were worth $774,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in GRMN. Oregon Public Employees Retirement Fund boosted its position in shares of Garmin by 5,916.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock valued at $25,000 after buying an additional 1,560,423 shares during the period. Vanguard Group Inc boosted its position in shares of Garmin by 9.0% during the third quarter. Vanguard Group Inc now owns 12,760,863 shares of the scientific and technical instruments company’s stock valued at $893,899,000 after buying an additional 1,057,737 shares during the period. BlackRock Inc. boosted its position in shares of Garmin by 8.6% during the third quarter. BlackRock Inc. now owns 12,033,536 shares of the scientific and technical instruments company’s stock valued at $842,946,000 after buying an additional 947,858 shares during the period. Select Equity Group L.P. boosted its position in shares of Garmin by 263.0% during the third quarter. Select Equity Group L.P. now owns 558,205 shares of the scientific and technical instruments company’s stock valued at $39,102,000 after buying an additional 404,449 shares during the period. Finally, Morgan Stanley boosted its position in shares of Garmin by 130.7% during the third quarter. Morgan Stanley now owns 618,279 shares of the scientific and technical instruments company’s stock valued at $43,310,000 after buying an additional 350,248 shares during the period. Institutional investors and hedge funds own 42.35% of the company’s stock.

Several research analysts have issued reports on GRMN shares. Morgan Stanley dropped their target price on Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, January 7th. Bank of America set a $70.00 target price on Garmin and gave the company a “sell” rating in a research report on Thursday, November 15th. Credit Suisse Group lifted their price target on shares of Garmin from $58.00 to $71.00 and gave the company an “underperform” rating in a research note on Monday, February 25th. Longbow Research downgraded shares of Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price target for the company. in a research note on Thursday, February 21st. They noted that the move was a valuation call. Finally, BidaskClub raised shares of Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 13th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $77.19.

In other news, Director Sean Biddlecombe sold 1,500 shares of Garmin stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $83.51, for a total transaction of $125,265.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clifton A. Pemble sold 2,683 shares of Garmin stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $82.38, for a total transaction of $221,025.54. Following the sale, the insider now directly owns 141,883 shares of the company’s stock, valued at approximately $11,688,321.54. The disclosure for this sale can be found here. Insiders own 17.85% of the company’s stock.

Garmin stock opened at $83.04 on Friday. Garmin Ltd. has a fifty-two week low of $57.01 and a fifty-two week high of $85.50. The company has a market cap of $16.74 billion, a PE ratio of 22.50, a P/E/G ratio of 3.10 and a beta of 0.92.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.22. Garmin had a net margin of 20.74% and a return on equity of 17.67%. The firm had revenue of $932.11 million during the quarter, compared to the consensus estimate of $893.14 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that Garmin Ltd. will post 3.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, March 14th. Garmin’s dividend payout ratio is presently 57.45%.

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Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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