Alaska Permanent Fund Corp Invests $1.73 Million in Garmin Ltd. (NYSE:GRMN)

Alaska Permanent Fund Corp acquired a new position in shares of Garmin Ltd. (NYSE:GRMN) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,448 shares of the scientific and technical instruments company’s stock, valued at approximately $1,729,000.

Several other hedge funds also recently modified their holdings of the company. Wetzel Investment Advisors Inc. acquired a new stake in shares of Garmin in the fourth quarter valued at approximately $26,000. Avior Wealth Management LLC increased its holdings in shares of Garmin by 169.5% in the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock valued at $30,000 after purchasing an additional 178 shares in the last quarter. Headinvest LLC acquired a new stake in shares of Garmin in the third quarter valued at approximately $41,000. Blue Trust Inc. increased its holdings in shares of Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after purchasing an additional 99 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Garmin in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Barrington Research lifted their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Bank of America boosted 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. Tigress Financial reissued a “strong-buy” rating and set a $175.00 price target (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Finally, StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $142.33.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the sale, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the transaction, the director now directly owns 653,834 shares of the company’s stock, valued at approximately $97,349,344.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 99,476 shares of company stock worth $14,166,944. 19.89% of the stock is owned by corporate insiders.

Garmin Trading Up 1.4 %

GRMN opened at $145.00 on Friday. The company’s 50 day moving average is $142.08 and its 200-day moving average is $127.32. Garmin Ltd. has a 1-year low of $95.40 and a 1-year high of $149.54. The company has a market cap of $27.81 billion, a P/E ratio of 21.32, a PEG ratio of 4.68 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.41 billion. During the same period last year, the company posted $1.35 EPS. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities analysts forecast that Garmin Ltd. will post 5.45 EPS for the current year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.07%. Garmin’s dividend payout ratio is currently 43.52%.

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.