Garmin Ltd. (NYSE:GRMN) Position Raised by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its position in shares of Garmin Ltd. (NYSE:GRMN) by 1.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 26,993 shares of the scientific and technical instruments company’s stock after acquiring an additional 475 shares during the period. State of Alaska Department of Revenue’s holdings in Garmin were worth $5,860,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of GRMN. Aster Capital Management DIFC Ltd raised 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 increased its holdings in shares of Garmin by 67.7% during the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock valued at $43,000 after purchasing an additional 84 shares during the period. Investment Management Corp VA ADV bought a new stake in shares of Garmin during the fourth quarter valued at about $46,000. Measured Risk Portfolios Inc. acquired a new stake in Garmin in the fourth quarter worth about $47,000. Finally, Larson Financial Group LLC lifted its holdings in Garmin by 26.8% in the fourth quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock worth $50,000 after purchasing an additional 51 shares during the period. Institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the transaction, the chief executive officer now directly owns 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 15.38% of the company’s stock.

Garmin Price Performance

NYSE GRMN opened at $198.17 on Friday. Garmin Ltd. has a 12 month low of $158.90 and a 12 month high of $246.50. The company has a market capitalization of $38.16 billion, a P/E ratio of 26.07, a PEG ratio of 2.22 and a beta of 0.98. The company’s 50 day simple moving average is $198.47 and its 200 day simple moving average is $207.58.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. Garmin’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.42 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 1.82%. Garmin’s payout ratio is presently 47.37%.

Analyst Ratings Changes

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