Garmin Ltd. (NYSE:GRMN) Shares Acquired by Invesco Ltd.

Invesco Ltd. lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,862,153 shares of the scientific and technical instruments company’s stock after buying an additional 153,267 shares during the quarter. Invesco Ltd. owned approximately 0.97% of Garmin worth $404,329,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GRMN. Kestra Private Wealth Services LLC increased its position in shares of Garmin by 18.7% during the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company’s stock worth $1,858,000 after purchasing an additional 1,347 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in shares of Garmin by 23.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company’s stock worth $500,000 after purchasing an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Garmin by 46.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company’s stock worth $19,480,000 after purchasing an additional 28,543 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of Garmin by 255.2% during the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company’s stock worth $96,000 after purchasing an additional 319 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Garmin during the first quarter worth approximately $1,383,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Morgan Stanley boosted their price target on Garmin from $172.00 to $186.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. Finally, Barclays reiterated an “underweight” rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $222.00.

Garmin Stock Down 1.4%

Shares of NYSE:GRMN opened at $229.06 on Tuesday. The business has a fifty day moving average of $215.82 and a two-hundred day moving average of $209.50. The stock has a market cap of $44.09 billion, a P/E ratio of 28.24, a PEG ratio of 2.58 and a beta of 0.99. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.58 EPS. On average, equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.6%. Garmin’s dividend payout ratio is presently 44.39%.

Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction 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 directly owned 141,626 shares in the company, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares of the company’s stock, valued at approximately $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.

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.