Mutual of America Capital Management LLC Sells 534 Shares of Garmin Ltd. (NYSE:GRMN)

Mutual of America Capital Management LLC lessened its stake in Garmin Ltd. (NYSE:GRMN) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,413 shares of the scientific and technical instruments company’s stock after selling 534 shares during the period. Mutual of America Capital Management LLC’s holdings in Garmin were worth $3,798,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its stake in shares of Garmin by 1.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock valued at $591,000 after acquiring an additional 49 shares during the last quarter. Curbstone Financial Management Corp lifted its stake in shares of Garmin by 1.3% in the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock valued at $802,000 after acquiring an additional 50 shares during the last quarter. Addison Advisors LLC increased its holdings in Garmin by 11.1% during the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after purchasing an additional 52 shares during the period. HB Wealth Management LLC raised its position in Garmin by 1.4% during the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock valued at $788,000 after purchasing an additional 53 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in Garmin by 0.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 13,185 shares of the scientific and technical instruments company’s stock valued at $2,720,000 after purchasing an additional 55 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at Garmin

In other Garmin news, Director Matthew Munn sold 4,637 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the sale, the director now directly owns 11,450 shares in the company, valued at approximately $2,579,799.50. This trade represents a 28.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the sale, the chief operating officer now owns 63,048 shares in the company, valued at approximately $14,321,353.20. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,274 shares of company stock valued at $5,242,686 in the last 90 days. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $224.97 on Thursday. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The firm has a market capitalization of $43.29 billion, a P/E ratio of 30.78, a P/E/G ratio of 1.36 and a beta of 0.98. The stock has a 50 day moving average price of $215.85 and a 200-day moving average price of $198.87.

Garmin (NYSE:GRMN) last announced its earnings results 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 quarter in the prior year, the company earned $1.72 EPS. The business’s revenue was up 22.9% compared to the same quarter last year. On average, equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

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.