3Chopt Investment Partners LLC acquired a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,397 shares of the scientific and technical instruments company's stock, valued at approximately $303,000.
Other hedge funds have also modified their holdings of the company. Aster Capital Management DIFC Ltd increased its holdings in shares of Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $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 acquiring an additional 147 shares during the period. Garde Capital Inc. acquired a new stake in Garmin during the first quarter worth about $40,000. Investment Management Corp VA ADV acquired a new stake in Garmin during the fourth quarter worth about $46,000. Finally, Measured Risk Portfolios Inc. acquired a new stake in Garmin during the fourth quarter worth about $47,000. 81.60% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. Morgan Stanley raised their target price on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. dropped their target price on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Barclays dropped their target price on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Two 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $206.00.
Check Out Our Latest Stock Analysis on Garmin
Insider Activity
In other news, CEO Clifton A. Pemble sold 7,899 shares of the firm'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 value of $1,605,471.75. Following the transaction, the chief executive officer now owns 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 15.38% of the company's stock.
Garmin Trading Up 1.6%
Shares of GRMN stock opened at $208.49 on Friday. The company has a market capitalization of $40.14 billion, a P/E ratio of 27.43, a P/E/G ratio of 2.34 and a beta of 0.98. The business's 50 day moving average is $200.06 and its two-hundred day moving average is $206.95. Garmin Ltd. has a 12-month low of $158.90 and a 12-month 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 analysts' consensus estimates of $1.62 by ($0.01). The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a return on equity of 19.21% and a net margin of 22.76%. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.42 EPS. On average, research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.73%. Garmin's dividend payout ratio is currently 47.37%.
Garmin Profile
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Free Report)
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.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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