Gibraltar Capital Management Inc. Invests $5.12 Million in Garmin Ltd. (NYSE:GRMN)

Gibraltar Capital Management Inc. purchased a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 23,600 shares of the scientific and technical instruments company's stock, valued at approximately $5,124,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd grew its holdings in Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after purchasing an additional 121 shares during the period. TFC Financial Management Inc. grew its holdings in Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 147 shares during the period. Wayfinding Financial LLC bought a new position in Garmin during the first quarter worth about $34,000. Garde Capital Inc. bought a new position in Garmin during the first quarter worth about $40,000. Finally, Olde Wealth Management LLC bought a new stake in shares of Garmin during the first quarter worth approximately $43,000. Institutional investors own 81.60% of the company's stock.

Insider Activity at Garmin

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 shares were 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 $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction that occurred 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 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. Insiders own 19.54% of the company's stock.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their price objective on Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Barclays reduced their price objective on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. Finally, Morgan Stanley boosted their price objective on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $206.00.

Garmin Stock Performance

Shares of GRMN stock traded down $1.01 during trading on Tuesday, hitting $213.42. The company had a trading volume of 798,898 shares, compared to its average volume of 907,327. The firm has a market capitalization of $41.09 billion, a P/E ratio of 28.08, a price-to-earnings-growth ratio of 2.40 and a beta of 0.97. The stock's 50-day moving average price is $202.15 and its 200 day moving average price is $206.98. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last issued 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%. The company's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 earnings per share. On average, research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.69%. Garmin's dividend payout ratio (DPR) is currently 47.37%.

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.