Turtle Creek Wealth Advisors LLC Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Turtle Creek Wealth Advisors LLC acquired a new position in Garmin Ltd. (NYSE:GRMN) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 24,608 shares of the scientific and technical instruments company’s stock, valued at approximately $5,343,000.

A number of other hedge funds also recently modified their holdings of GRMN. Aster Capital Management DIFC Ltd raised its holdings in shares of Garmin by 864.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 121 shares in the last quarter. TFC Financial Management Inc. raised its holdings in shares of Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock worth $34,000 after buying an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Garmin in the 1st quarter worth approximately $34,000. Garde Capital Inc. acquired a new position in shares of Garmin in the 1st quarter worth approximately $40,000. Finally, Olde Wealth Management LLC acquired a new position in shares of Garmin in the 1st quarter worth approximately $43,000. Institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GRMN. JPMorgan Chase & Co. dropped their target price on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, May 1st. Morgan Stanley raised their price target on Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a report on Thursday, May 1st. Finally, Barclays cut their price objective on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $206.00.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the completion of the sale, the chief executive officer directly owned 141,626 shares of the company’s stock, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares of the company’s stock, valued at $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Performance

Shares of GRMN opened at $215.75 on Monday. The stock has a fifty day moving average price of $204.04 and a two-hundred day moving average price of $207.14. Garmin Ltd. has a 52-week low of $160.71 and a 52-week high of $246.50. The company has a market cap of $41.54 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 2.42 and a beta of 0.97.

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 (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.76% and a return on equity of 19.21%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm posted $1.42 EPS. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.67%. Garmin’s dividend payout ratio (DPR) is currently 47.37%.

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.