QRG Capital Management Inc. Grows Holdings in Garmin Ltd. (NYSE:GRMN)

QRG Capital Management Inc. lifted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 3.0% in the first quarter, Holdings Channel reports. The firm owned 71,061 shares of the scientific and technical instruments company’s stock after buying an additional 2,076 shares during the period. QRG Capital Management Inc.’s holdings in Garmin were worth $15,429,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Aster Capital Management DIFC Ltd grew its stake in Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 121 shares in the last quarter. Venturi Wealth Management LLC grew its stake in shares of Garmin by 67.7% in the 4th quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock valued at $43,000 after buying an additional 84 shares during the period. Investment Management Corp VA ADV purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $46,000. Measured Risk Portfolios Inc. purchased a new stake in shares of Garmin in the 4th quarter valued at approximately $47,000. Finally, Larson Financial Group LLC grew its stake in shares of Garmin by 26.8% in the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after buying an additional 51 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

GRMN has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a research note on Thursday, May 1st. Barclays decreased their price objective on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. decreased their price objective on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Finally, Tigress Financial upped their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Garmin has an average rating of “Hold” and an average price target of $206.00.

Garmin Stock Up 1.2%

Garmin stock opened at $203.72 on Tuesday. The firm has a market cap of $39.22 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a 52-week low of $158.38 and a 52-week high of $246.50. The company’s 50 day moving average is $198.04 and its two-hundred day moving average is $207.82.

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

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.77%. Garmin’s dividend payout ratio (DPR) is presently 47.37%.

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.