Garmin Ltd. (NYSE:GRMN) Shares Purchased by Allianz Asset Management GmbH

Allianz Asset Management GmbH grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 0.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 677,971 shares of the scientific and technical instruments company's stock after acquiring an additional 2,021 shares during the quarter. Allianz Asset Management GmbH owned about 0.35% of Garmin worth $147,208,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its stake in Garmin by 31.3% during the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after acquiring an additional 463 shares during the last quarter. Madison Investment Advisors LLC purchased a new stake in Garmin during the 4th quarter valued at $904,000. Corient Private Wealth LLC lifted its position in Garmin by 5.7% in the fourth quarter. Corient Private Wealth LLC now owns 18,222 shares of the scientific and technical instruments company's stock worth $3,759,000 after buying an additional 977 shares during the last quarter. Royal London Asset Management Ltd. boosted its stake in Garmin by 4.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 72,582 shares of the scientific and technical instruments company's stock worth $14,971,000 after buying an additional 3,017 shares during the period. Finally, Lee Danner & Bass Inc. bought a new position in Garmin during the fourth quarter valued at $94,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Performance

Garmin stock traded down $0.64 during trading hours on Thursday, hitting $231.36. The company had a trading volume of 135,385 shares, compared to its average volume of 939,450. The firm has a market cap of $44.55 billion, a P/E ratio of 30.44, a P/E/G ratio of 2.54 and a beta of 0.97. The company has a 50-day moving average price of $208.99 and a two-hundred day moving average price of $208.09. Garmin Ltd. has a 1 year low of $160.71 and a 1 year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm 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%. During the same quarter in the previous year, the business earned $1.42 earnings per share. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.56%. Garmin's payout ratio is currently 47.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Barclays dropped their target price on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, Morgan Stanley increased their price target on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $214.75.

Insider Transactions at Garmin

In other 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 approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $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.