Newbridge Financial Services Group Inc. Cuts Stock Position in Garmin Ltd. (NYSE:GRMN)

Newbridge Financial Services Group Inc. lessened its stake in Garmin Ltd. (NYSE:GRMN) by 28.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 626 shares of the scientific and technical instruments company’s stock after selling 246 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Garmin were worth $80,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in GRMN. Wetzel Investment Advisors Inc. acquired a new stake in shares of Garmin during the fourth quarter worth about $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin during the fourth quarter worth approximately $33,000. Headinvest LLC purchased a new stake in Garmin in the 3rd quarter valued at $41,000. Blue Trust Inc. grew its holdings in Garmin by 35.2% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after buying an additional 99 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Garmin in the 4th quarter valued at $51,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Stock Down 0.0 %

GRMN traded down $0.05 during trading on Tuesday, hitting $160.25. 31,855 shares of the stock were exchanged, compared to its average volume of 875,141. The firm has a market capitalization of $30.78 billion, a P/E ratio of 22.63, a PEG ratio of 3.44 and a beta of 0.98. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $171.64. The stock has a fifty day moving average price of $158.29 and a two-hundred day moving average price of $140.93.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted $1.02 EPS. The company’s revenue was up 20.4% on a year-over-year basis. Analysts predict that Garmin Ltd. will post 5.77 EPS for the current year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.87%. Garmin’s dividend payout ratio (DPR) is currently 41.18%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Barrington Research raised their target price on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Barclays raised their target price on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. increased their price target on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Finally, Tigress Financial increased their price target on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus price target of $156.83.

Insider Buying and Selling at Garmin

In related news, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the sale, the chief financial officer now directly owns 28,010 shares in the company, valued at $4,527,256.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now directly owns 58,412 shares in the company, valued at $9,551,530.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the sale, the chief financial officer now owns 28,010 shares in the company, valued at $4,527,256.30. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

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.