ARK Investment Management LLC Trims Stock Holdings in Garmin Ltd. (NYSE:GRMN)

ARK Investment Management LLC lessened its position in shares of Garmin Ltd. (NYSE:GRMN) by 13.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,084 shares of the scientific and technical instruments company’s stock after selling 5,931 shares during the quarter. ARK Investment Management LLC’s holdings in Garmin were worth $6,205,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Clearstead Trust LLC purchased a new stake in Garmin in the first quarter valued at approximately $30,000. Family Firm Inc. acquired a new stake in Garmin during the 2nd quarter valued at approximately $35,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin in the 4th quarter valued at $33,000. West Oak Capital LLC acquired a new stake in shares of Garmin in the second quarter worth $53,000. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Garmin during the fourth quarter worth $55,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Price Performance

NYSE GRMN traded up $0.39 on Tuesday, hitting $179.92. The company had a trading volume of 166,095 shares, compared to its average volume of 839,999. The company has a market capitalization of $34.56 billion, a PE ratio of 25.33, a PEG ratio of 3.55 and a beta of 0.98. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $181.26. The company’s fifty day moving average price is $168.34 and its 200-day moving average price is $156.29.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $1.45 EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, sell-side analysts anticipate that Garmin Ltd. will post 6 EPS for the current year.

Garmin Dividend Announcement

The company 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 dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s payout ratio is 42.31%.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,531 shares of company stock valued at $2,835,858. 19.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GRMN shares. Barclays boosted their price objective on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Tigress Financial boosted their price target on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a report on Tuesday, May 14th. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased their price target on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $156.83.

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.