EFG Asset Management Americas Corp. Acquires New Holdings in Garmin Ltd. (NYSE:GRMN)

Key Points

• EFG Asset Management Americas Corp. acquired 7,796 shares of Garmin Ltd. valued at approximately $1.69 million during the first quarter, as per their Form 13F filing.
• Garmin reported earnings of $2.17 per share for the last quarter, exceeding expectations and showing a 20.4% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.90 per share, with an upcoming payment date on September 26th, reflecting a 1.63% yield.

EFG Asset Management Americas Corp. acquired a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,796 shares of the scientific and technical instruments company's stock, valued at approximately $1,693,000.

Other hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of Garmin by 864.3% during 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 acquiring an additional 121 shares during the last quarter. TFC Financial Management Inc. lifted its holdings in shares of Garmin by 1,633.3% during the 1st 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 last quarter. Wayfinding Financial LLC bought a new stake in shares of Garmin during the 1st quarter worth $34,000. Garde Capital Inc. bought a new stake in shares of Garmin during the 1st quarter worth $40,000. Finally, Olde Wealth Management LLC purchased a new stake in Garmin during the first quarter valued at about $43,000. 81.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GRMN has been the subject of several analyst reports. Morgan Stanley upped their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday. Barclays reaffirmed an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Garmin has an average rating of "Hold" and a consensus target price of $222.00.

Garmin Stock Performance

Shares of NYSE GRMN traded up $0.03 during midday trading on Friday, hitting $218.79. 1,324,517 shares of the company traded hands, compared to its average volume of 840,080. Garmin Ltd. has a 12-month low of $160.71 and a 12-month high of $246.50. The firm has a market cap of $42.11 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.41 and a beta of 0.99. The stock has a 50-day moving average price of $212.65 and a 200 day moving average price of $209.02.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the firm earned $1.58 earnings per share. Garmin's revenue was up 20.4% on a year-over-year basis. As a group, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's payout ratio is currently 47.37%.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the completion of the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. 15.38% of the stock is owned by corporate insiders.

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.