AXS Investments LLC Invests $2.93 Million in Garmin Ltd. (NYSE:GRMN)

Key Points

• AXS Investments LLC acquired 13,472 shares of Garmin Ltd., valued at approximately $2.93 million, making it the 27th largest holding in their portfolio.
• Garmin's earnings showed a growth of 20.4% year-over-year, reporting $1.81 billion in revenue and beating the EPS estimate by $0.27.
• Garmin announced a **quarterly dividend of $0.90**, with a yield of 1.6%, scheduled for distribution on September 26th.

AXS Investments LLC acquired a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 13,472 shares of the scientific and technical instruments company's stock, valued at approximately $2,925,000. Garmin comprises about 0.8% of AXS Investments LLC's holdings, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in GRMN. Kestra Private Wealth Services LLC lifted its holdings in 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 valued at $1,858,000 after purchasing an additional 1,347 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in 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 valued at $500,000 after purchasing an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in 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 valued at $19,480,000 after purchasing an additional 28,543 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in 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 valued at $96,000 after purchasing an additional 319 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Garmin during the first quarter valued at approximately $1,383,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Trading Up 1.6%

GRMN traded up $3.59 during trading hours on Friday, hitting $232.55. The company's stock had a trading volume of 631,035 shares, compared to its average volume of 893,891. The business's 50-day moving average price is $215.29 and its 200-day moving average price is $209.49. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The stock has a market cap of $44.76 billion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 2.54 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business posted $1.58 earnings per share. The business's revenue was up 20.4% compared to the same quarter last year. On average, analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.5%. Garmin's dividend payout ratio (DPR) is 44.39%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GRMN shares. Barclays reaffirmed an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Two 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. According to MarketBeat.com, Garmin currently has an average rating of "Hold" and an average price target of $222.00.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction 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 owned 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.38% 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.