Bryn Mawr Capital Management LLC Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Bryn Mawr Capital Management LLC purchased a new stake in Garmin Ltd. (NYSE:GRMN) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,327 shares of the scientific and technical instruments company’s stock, valued at approximately $299,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. DekaBank Deutsche Girozentrale raised its holdings in shares of Garmin by 153.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 291,918 shares of the scientific and technical instruments company’s stock valued at $37,737,000 after acquiring an additional 176,908 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Garmin by 2.5% during the 3rd quarter. Artisan Partners Limited Partnership now owns 7,246,834 shares of the scientific and technical instruments company’s stock valued at $762,367,000 after buying an additional 176,510 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Garmin by 10.7% during the 3rd quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock valued at $148,459,000 after buying an additional 136,929 shares in the last quarter. Bank of Nova Scotia raised its holdings in shares of Garmin by 118.1% during the 3rd quarter. Bank of Nova Scotia now owns 232,315 shares of the scientific and technical instruments company’s stock valued at $24,440,000 after buying an additional 125,812 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Garmin by 7.1% during the 3rd quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock valued at $171,492,000 after buying an additional 108,427 shares in the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Price Performance

Shares of Garmin stock opened at $143.45 on Friday. The business’s 50 day simple moving average is $142.51 and its two-hundred day simple moving average is $127.71. The stock has a market capitalization of $27.55 billion, a P/E ratio of 21.38, a price-to-earnings-growth ratio of 4.70 and a beta of 0.98. Garmin Ltd. has a one year low of $95.40 and a one year high of $149.54.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.41 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company earned $1.35 EPS. Sell-side analysts expect that Garmin Ltd. will post 5.45 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.09%. Garmin’s dividend payout ratio is currently 43.52%.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction that occurred on Monday, February 26th. The stock was 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 in the company, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the sale, the director now directly owns 758,834 shares in the company, valued at $106,236,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction that occurred on 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 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 three months, insiders have sold 99,476 shares of company stock worth $14,166,944. 19.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GRMN. JPMorgan Chase & Co. raised their price objective on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Tigress Financial reissued a “strong-buy” rating and set a $175.00 price objective (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Barrington Research raised their price objective on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Finally, Bank of America raised their price objective on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus price target of $142.33.

Garmin 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.