Bellecapital International Ltd. Cuts Stock Position in Garmin Ltd. (NYSE:GRMN)

Bellecapital International Ltd. lowered its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 12.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,472 shares of the scientific and technical instruments company's stock after selling 2,674 shares during the period. Bellecapital International Ltd.'s holdings in Garmin were worth $4,228,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in shares of Garmin in the fourth quarter worth approximately $26,000. Aster Capital Management DIFC Ltd lifted its stake in shares of 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 worth $28,000 after buying an additional 121 shares in the last quarter. Kentucky Trust Co bought a new position in shares of Garmin in the fourth quarter worth approximately $41,000. Venturi Wealth Management LLC lifted its stake in shares of Garmin by 67.7% in the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock worth $43,000 after buying an additional 84 shares in the last quarter. Finally, Investment Management Corp VA ADV bought a new position in shares of Garmin in the fourth quarter worth approximately $46,000. Institutional investors own 81.60% of the company's stock.

Garmin Price Performance

NYSE GRMN traded down $7.26 during trading on Friday, reaching $201.13. 838,354 shares of the company's stock traded hands, compared to its average volume of 891,660. The firm has a market cap of $38.73 billion, a price-to-earnings ratio of 27.51, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The company's 50 day simple moving average is $197.43 and its two-hundred day simple moving average is $207.91. Garmin Ltd. has a 12-month low of $158.38 and a 12-month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results 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 business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. Research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.79%. Garmin's dividend payout ratio (DPR) is 47.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GRMN shares. Tigress Financial upped their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, February 26th. Morgan Stanley upped their target price on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. lowered their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Finally, Barclays reduced their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Garmin has a consensus rating of "Hold" and an average price target of $206.00.

Garmin 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.