Garmin Ltd. (NYSE:GRMN) Stake Lifted by Insight Folios Inc

Insight Folios Inc increased its stake in shares of Garmin Ltd. (NYSE:GRMN) by 3.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 2,768 shares of the scientific and technical instruments company’s stock after acquiring an additional 93 shares during the period. Insight Folios Inc’s holdings in Garmin were worth $412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wetzel Investment Advisors Inc. bought a new position in shares of Garmin in the fourth quarter worth $26,000. Frazier Financial Advisors LLC bought a new position in shares of Garmin in the fourth quarter worth $33,000. Blue Trust Inc. grew its stake in shares of Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after purchasing an additional 99 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of Garmin in the fourth quarter worth $51,000. Finally, Headinvest LLC bought a new position in shares of Garmin in the third quarter worth $41,000. 73.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GRMN shares. Barclays increased 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. increased their price target on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Finally, Tigress Financial raised 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $156.83.

Garmin Trading Down 0.2 %

GRMN stock traded down $0.34 during trading hours on Thursday, hitting $161.15. 442,550 shares of the stock traded hands, compared to its average volume of 609,054. The stock has a 50-day simple moving average of $162.70 and a 200 day simple moving average of $143.86. Garmin Ltd. has a one year low of $99.61 and a one year high of $171.64. The company has a market cap of $30.95 billion, a P/E ratio of 22.73, a P/E/G ratio of 3.48 and a beta of 0.98.

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 business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the business posted $1.02 earnings per share. The company’s quarterly revenue was up 20.4% on a year-over-year basis. Analysts forecast that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is 42.31%.

Insider Activity

In other news, EVP Patrick Desbois sold 4,126 shares of the company’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 completion of the sale, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at $9,551,530.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the sale, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction dated Tuesday, June 4th. The stock was 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 directly owns 58,412 shares of the company’s stock, valued at $9,551,530.24. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

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.