Spirepoint Private Client LLC Invests $282,000 in Garmin Ltd. (NYSE:GRMN)

Spirepoint Private Client LLC acquired a new position in Garmin Ltd. (NYSE:GRMN) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,897 shares of the scientific and technical instruments company’s stock, valued at approximately $282,000.

Several other institutional investors have also recently made changes to their positions in the stock. Wetzel Investment Advisors Inc. bought a new stake in Garmin during the 4th quarter valued at approximately $26,000. Clearstead Trust LLC bought a new stake in Garmin during the 1st quarter valued at approximately $30,000. Frazier Financial Advisors LLC bought a new stake in Garmin during the 4th quarter valued at approximately $33,000. Blue Trust Inc. raised its stake in Garmin by 35.2% during the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after purchasing an additional 99 shares during the period. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Garmin during the 4th quarter valued at approximately $51,000. Institutional investors own 73.41% of the company’s stock.

Insider Transactions at Garmin

In related news, 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 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 SEC, which is available through this hyperlink. In related news, 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 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 SEC, which is available through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the business’s 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 transaction, the executive vice president now owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

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

Garmin Price Performance

Shares of Garmin stock traded down $1.01 on Friday, reaching $170.07. The company had a trading volume of 666,690 shares, compared to its average volume of 685,679. The firm has a market cap of $32.67 billion, a price-to-earnings ratio of 23.99, a P/E/G ratio of 3.66 and a beta of 0.98. The firm’s 50-day moving average price is $164.43 and its two-hundred day moving average price is $147.15. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $175.01.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS. As a group, analysts anticipate that Garmin Ltd. will post 5.77 EPS 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 $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio (DPR) is 42.31%.

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.