Garmin Ltd. (NYSE:GRMN) Shares Bought by 1832 Asset Management L.P.

1832 Asset Management L.P. lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 11.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,646 shares of the scientific and technical instruments company’s stock after buying an additional 2,018 shares during the period. 1832 Asset Management L.P.’s holdings in Garmin were worth $2,925,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dorsey & Whitney Trust CO LLC boosted its holdings in Garmin by 3.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after buying an additional 73 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Garmin by 17.6% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock valued at $81,000 after purchasing an additional 81 shares in the last quarter. 1620 Investment Advisors Inc. raised its holdings in Garmin by 4.0% during the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after purchasing an additional 84 shares during the last quarter. Greenleaf Trust raised its holdings in Garmin by 2.5% during the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after purchasing an additional 87 shares during the last quarter. Finally, Insight Folios Inc boosted its position in Garmin by 3.5% during the first quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock worth $412,000 after purchasing an additional 93 shares in the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America downgraded shares of Garmin from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Tigress Financial upped their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. Finally, Barclays raised their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of “Hold” and an average target price of $156.83.

Garmin Price Performance

GRMN traded up $4.54 during trading on Friday, hitting $177.94. The company’s stock had a trading volume of 1,059,479 shares, compared to its average volume of 673,682. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $178.51. The stock has a market cap of $34.18 billion, a PE ratio of 25.10, a PEG ratio of 3.74 and a beta of 0.98. The firm’s 50 day moving average price is $164.80 and its 200-day moving average price is $148.93.

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

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.69%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio (DPR) is 42.31%.

Insiders Place Their Bets

In related news, CFO Douglas G. Boessen sold 2,350 shares of the 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 transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares of the company’s stock, valued at $9,551,530.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the transaction, the chief financial officer now directly owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Garmin Company 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.