Allegiance Financial Group Advisory Services LLC Invests $276,000 in Garmin Ltd. (NYSE:GRMN)

Allegiance Financial Group Advisory Services LLC bought a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,269 shares of the scientific and technical instruments company's stock, valued at approximately $276,000.

Other large investors have also made changes to their positions in the company. Jackson Creek Investment Advisors LLC bought a new stake in Garmin during the 1st quarter worth about $226,000. Commerzbank Aktiengesellschaft FI bought a new stake in Garmin during the 1st quarter worth about $370,000. Forum Financial Management LP lifted its position in Garmin by 19.3% during the 1st quarter. Forum Financial Management LP now owns 2,180 shares of the scientific and technical instruments company's stock valued at $473,000 after purchasing an additional 352 shares during the period. Graypoint LLC lifted its position in Garmin by 6.2% during the 1st quarter. Graypoint LLC now owns 1,599 shares of the scientific and technical instruments company's stock valued at $347,000 after purchasing an additional 94 shares during the period. Finally, Parcion Private Wealth LLC lifted its position in Garmin by 1.5% during the 1st quarter. Parcion Private Wealth LLC now owns 36,718 shares of the scientific and technical instruments company's stock valued at $7,973,000 after purchasing an additional 535 shares during the period. Institutional investors own 81.60% of the company's stock.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value 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 approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.38% of the company's stock.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday. Barclays decreased their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Finally, Morgan Stanley raised their price target on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $214.75.

Garmin Price Performance

GRMN stock traded up $2.54 during midday trading on Friday, reaching $227.94. 807,676 shares of the company were exchanged, compared to its average volume of 907,727. The business has a 50-day moving average price of $207.24 and a two-hundred day moving average price of $207.62. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50. The firm has a market capitalization of $43.89 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 2.53 and a beta of 0.97.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a return on equity of 19.21% and a net margin of 22.76%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $1.42 EPS. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.58%. 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.