Atlantic Union Bankshares Corp Boosts Stake in Garmin Ltd. (NYSE:GRMN)

Atlantic Union Bankshares Corp lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,696 shares of the scientific and technical instruments company's stock after purchasing an additional 1,345 shares during the period. Atlantic Union Bankshares Corp's holdings in Garmin were worth $9,271,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Principal Street Partners LLC increased its stake in Garmin by 1.8% in the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock worth $660,000 after buying an additional 58 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Garmin by 2.7% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock valued at $489,000 after purchasing an additional 59 shares in the last quarter. OneAscent Financial Services LLC grew its position in shares of Garmin by 3.7% during the fourth quarter. OneAscent Financial Services LLC now owns 1,753 shares of the scientific and technical instruments company's stock valued at $361,000 after purchasing an additional 63 shares in the last quarter. Moody National Bank Trust Division grew its position in shares of Garmin by 2.4% during the first quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock valued at $655,000 after purchasing an additional 72 shares in the last quarter. Finally, FSM Wealth Advisors LLC grew its position in shares of Garmin by 5.1% during the first quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock valued at $325,000 after purchasing an additional 72 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Garmin Trading Up 1.1%

NYSE GRMN opened at $227.94 on Friday. The firm's fifty day simple moving average is $207.24 and its two-hundred day simple moving average is $207.63. Garmin Ltd. has a 12-month low of $160.71 and a 12-month high of $246.50. The firm has a market capitalization of $43.89 billion, a P/E ratio of 29.99, a P/E/G ratio of 2.55 and a beta of 0.97.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. Garmin's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm earned $1.42 earnings per share. As a group, sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently announced 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 1.58%. Garmin's dividend payout ratio is presently 47.37%.

Analyst Ratings Changes

GRMN has been the subject of a number of analyst reports. Morgan Stanley increased their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. Barclays decreased their price objective 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, JPMorgan Chase & Co. raised their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday. Two 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. Based on data from MarketBeat, Garmin has an average rating of "Hold" and an average target price of $214.75.

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.

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