OneAscent Wealth Management LLC Trims Holdings in Garmin Ltd. (NYSE:GRMN)

OneAscent Wealth Management LLC lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 25.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,340 shares of the scientific and technical instruments company’s stock after selling 465 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Garmin were worth $276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock worth $3,726,645,000 after acquiring an additional 215,344 shares in the last quarter. State Street Corp lifted its position in shares of Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock worth $1,216,819,000 after purchasing an additional 134,303 shares during the last quarter. Geode Capital Management LLC grew its stake in Garmin by 2.7% in the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock worth $765,912,000 after purchasing an additional 112,815 shares in the last quarter. FMR LLC increased its holdings in Garmin by 40.8% in the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after buying an additional 1,093,219 shares during the last quarter. Finally, Norges Bank acquired a new stake in Garmin during the fourth quarter valued at approximately $396,184,000. Institutional investors own 81.60% of the company’s stock.

Insider Activity at Garmin

In other news, Director Matthew Munn sold 4,637 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the completion of the transaction, the director now directly owns 11,450 shares in the company, valued at $2,579,799.50. This trade represents a 28.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now directly owns 8,432 shares in the company, valued at approximately $1,817,180.32. The trade was a 25.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock worth $5,486,094 in the last three months. 19.54% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Garmin Price Performance

Shares of NYSE GRMN opened at $213.59 on Friday. Garmin Ltd. has a 1-year low of $138.86 and a 1-year high of $246.50. The firm has a market capitalization of $41.10 billion, a PE ratio of 29.22, a P/E/G ratio of 1.36 and a beta of 0.96. The business’s fifty day moving average price is $217.31 and its two-hundred day moving average price is $202.73.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.72 EPS. Equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is 49.25%.

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.