Apollon Wealth Management LLC Reduces Stock Position in Garmin Ltd. (NYSE:GRMN)

Apollon Wealth Management LLC lowered its holdings in Garmin Ltd. (NYSE:GRMN) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,120 shares of the scientific and technical instruments company’s stock after selling 787 shares during the quarter. Apollon Wealth Management LLC’s holdings in Garmin were worth $2,137,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Artisan Partners Limited Partnership lifted its holdings in Garmin by 0.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 7,310,112 shares of the scientific and technical instruments company’s stock worth $939,642,000 after buying an additional 63,278 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Garmin by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,715,703 shares of the scientific and technical instruments company’s stock valued at $220,541,000 after purchasing an additional 45,242 shares in the last quarter. Boston Partners boosted its position in shares of Garmin by 4.3% during the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock valued at $210,799,000 after purchasing an additional 58,343 shares in the last quarter. Wells Fargo & Company MN grew its stake in Garmin by 4.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,291,589 shares of the scientific and technical instruments company’s stock worth $166,021,000 after purchasing an additional 54,001 shares during the period. Finally, California Public Employees Retirement System raised its holdings in Garmin by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 932,299 shares of the scientific and technical instruments company’s stock worth $119,838,000 after purchasing an additional 6,858 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at Garmin

In other news, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now 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 is available at this link. In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was 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 owns 28,010 shares in the company, valued at approximately $4,527,256.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value 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 disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Up 2.2 %

GRMN traded up $3.83 during trading on Monday, hitting $175.89. The company’s stock had a trading volume of 612,182 shares, compared to its average volume of 850,546. Garmin Ltd. has a one year low of $99.61 and a one year high of $179.76. The business’s 50 day simple moving average is $166.39 and its 200-day simple moving average is $153.89. The firm has a market cap of $33.78 billion, a PE ratio of 24.27, a P/E/G ratio of 3.55 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.45 earnings per share. Equities research analysts expect that Garmin Ltd. will post 6 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.75 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.71%. Garmin’s payout ratio is 42.31%.

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.