Allspring Global Investments Holdings LLC Has $16.65 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 51.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,529 shares of the scientific and technical instruments company's stock after selling 82,527 shares during the period. Allspring Global Investments Holdings LLC's holdings in Garmin were worth $16,650,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GRMN. Aster Capital Management DIFC Ltd lifted 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 acquiring an additional 121 shares during the last quarter. TFC Financial Management Inc. lifted its stake in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after purchasing an additional 147 shares during the last quarter. Garde Capital Inc. bought a new position in Garmin during the first quarter worth about $40,000. Investment Management Corp VA ADV acquired a new position in Garmin during the fourth quarter worth approximately $46,000. Finally, Measured Risk Portfolios Inc. bought a new stake in Garmin in the fourth quarter valued at approximately $47,000. Institutional investors own 81.60% of the company's stock.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the business's 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 sale, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 15.38% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley lifted their target price on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. Barclays reduced their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, Garmin currently has an average rating of "Hold" and a consensus price target of $206.00.

Garmin Stock Up 0.3%

Shares of Garmin stock traded up $0.66 on Friday, hitting $214.05. The stock had a trading volume of 496,760 shares, compared to its average volume of 905,923. The stock has a market cap of $41.21 billion, a price-to-earnings ratio of 28.16, a price-to-earnings-growth ratio of 2.41 and a beta of 0.97. Garmin Ltd. has a twelve month low of $160.09 and a twelve month high of $246.50. The business's 50 day moving average is $201.88 and its two-hundred day moving average is $206.93.

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

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors 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 1.68%. Garmin's dividend payout ratio is 47.37%.

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.