EFG Asset Management Americas Corp. Invests $1.69 Million 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. bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 7,796 shares of the scientific and technical instruments company's stock, valued at approximately $1,693,000.

Several other hedge funds and other institutional investors have also modified their holdings of GRMN. Aster Capital Management DIFC Ltd raised its stake in 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 in the last quarter. TFC Financial Management Inc. raised its stake 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 in the last quarter. Wayfinding Financial LLC acquired a new position in Garmin during the first quarter worth about $34,000. Garde Capital Inc. acquired a new position in Garmin during the first quarter worth about $40,000. Finally, Olde Wealth Management LLC acquired a new position in Garmin during the first quarter worth about $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 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 transaction, the chief executive officer directly owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the 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 in the company, valued at $6,266,390. The trade was 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 corporate insiders.

Garmin Trading Up 2.2%

GRMN stock traded up $4.72 during trading on Monday, hitting $223.45. The company had a trading volume of 285,820 shares, compared to its average volume of 953,258. The stock has a market cap of $43.01 billion, a PE ratio of 27.55, a PEG ratio of 2.43 and a beta of 0.99. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50. The business has a 50-day moving average of $212.65 and a 200-day moving average of $208.95.

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 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm posted $1.58 EPS. Garmin's quarterly revenue was up 20.4% compared to the same quarter last year. Research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.6%. Garmin's dividend payout ratio (DPR) is 44.39%.

Analysts Set New Price Targets

GRMN has been the subject of several research analyst reports. Barclays reissued an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday. Morgan Stanley upped their target price on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. 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 company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $222.00.

Garmin Company 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.