Alhambra Investment Management LLC Sells 1,019 Shares of Garmin Ltd. (NYSE:GRMN)

Alhambra Investment Management LLC reduced its position in shares of Garmin Ltd. (NYSE:GRMN) by 17.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,932 shares of the scientific and technical instruments company’s stock after selling 1,019 shares during the quarter. Alhambra Investment Management LLC’s holdings in Garmin were worth $1,071,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after acquiring an additional 463 shares during the period. Choreo LLC grew its stake in shares of Garmin by 19.2% during the 4th quarter. Choreo LLC now owns 3,329 shares of the scientific and technical instruments company’s stock valued at $689,000 after acquiring an additional 536 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Garmin during the 4th quarter valued at approximately $26,000. Wilmington Savings Fund Society FSB grew its stake in shares of Garmin by 152.0% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,643 shares of the scientific and technical instruments company’s stock valued at $545,000 after acquiring an additional 1,594 shares during the period. Finally, Stephens Inc. AR grew its stake in shares of Garmin by 2.4% during the 4th quarter. Stephens Inc. AR now owns 3,180 shares of the scientific and technical instruments company’s stock valued at $656,000 after acquiring an additional 75 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Garmin Trading Up 0.8%

GRMN opened at $210.05 on Wednesday. Garmin Ltd. has a 12-month low of $158.38 and a 12-month high of $246.50. The business’s fifty day simple moving average is $195.70 and its 200-day simple moving average is $208.06. The company has a market capitalization of $40.44 billion, a price-to-earnings ratio of 28.73, a PEG ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $1.42 EPS. Garmin’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.71%. Garmin’s dividend payout ratio (DPR) is presently 47.37%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GRMN shares. Barclays cut their price objective on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research note on Wednesday, April 30th. Morgan Stanley upped their price target on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research note on Thursday, May 1st. Tigress Financial upped their price target on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. dropped their price target on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $206.00.

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.