Garmin Ltd. (NYSE:GRMN) Stake Lessened by Segment Wealth Management LLC

Segment Wealth Management LLC lessened its holdings in Garmin Ltd. (NYSE:GRMN) by 0.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,512 shares of the scientific and technical instruments company’s stock after selling 209 shares during the period. Garmin comprises approximately 1.5% of Segment Wealth Management LLC’s holdings, making the stock its 10th biggest position. Segment Wealth Management LLC owned approximately 0.05% of Garmin worth $22,693,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GRMN. Vanguard Group Inc. grew its position in shares of Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock valued at $3,726,645,000 after acquiring an additional 215,344 shares during the period. Geode Capital Management LLC raised its stake in shares of Garmin by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company’s stock worth $913,544,000 after buying an additional 75,332 shares during the period. Norges Bank purchased a new position in shares of Garmin during the 4th quarter valued at about $396,184,000. Invesco Ltd. grew its stake in shares of Garmin by 9.6% during the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company’s stock valued at $352,475,000 after acquiring an additional 149,210 shares during the period. Finally, Northern Trust Corp increased its holdings in Garmin by 20.2% in the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock worth $352,394,000 after acquiring an additional 286,765 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN opened at $198.17 on Friday. Garmin Ltd. has a fifty-two week low of $158.90 and a fifty-two week high of $246.50. The company’s fifty day moving average is $198.47 and its 200 day moving average is $207.58. The stock has a market capitalization of $38.16 billion, a PE ratio of 26.07, a P/E/G ratio of 2.22 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). The business 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%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.42 EPS. As a group, research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors 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%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer now owns 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 15.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GRMN. Barclays dropped their price target on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lowered their price target 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 objective on shares of Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a report on Thursday, May 1st. Finally, Tigress Financial boosted their target price 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 equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin has an average rating of “Hold” and a consensus price target of $206.00.

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.