Blueshift Asset Management LLC Has $1 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Key Points

• Blueshift Asset Management LLC sold 3,093 shares of Garmin Ltd., reducing its holdings by 40.1% to a total of 4,619 shares valued at approximately $1 million.
• Garmin recently announced a quarterly dividend of $0.90 per share, reflecting a 1.6% yield and a dividend payout ratio of 47.37%.
• Garmin's stock has recently been downgraded by multiple brokerages, with analysts providing varied price targets ranging from $167.00 to $250.00 and a consensus rating of "Hold."

Blueshift Asset Management LLC lowered its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 40.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,619 shares of the scientific and technical instruments company's stock after selling 3,093 shares during the quarter. Blueshift Asset Management LLC's holdings in Garmin were worth $1,003,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Aster Capital Management DIFC Ltd lifted its stake in Garmin by 864.3% during 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 buying an additional 121 shares in the last quarter. TFC Financial Management Inc. increased its holdings in Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 147 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Garmin during the first quarter valued at approximately $34,000. Garde Capital Inc. acquired a new position in Garmin during the first quarter valued at approximately $40,000. Finally, Olde Wealth Management LLC acquired a new position in Garmin during the first quarter valued at approximately $43,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GRMN. JPMorgan Chase & Co. raised their price objective 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. Morgan Stanley lifted their price objective on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Finally, Barclays restated an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $222.00.

Insiders Place Their Bets

In related news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the transaction, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Garmin Trading Up 0.8%

Shares of NYSE:GRMN traded up $1.85 during trading on Tuesday, hitting $227.38. 272,757 shares of the company's stock traded hands, compared to its average volume of 951,559. Garmin Ltd. has a 52 week low of $160.81 and a 52 week high of $246.50. The company has a market cap of $43.77 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. The company has a 50-day moving average price of $213.15 and a 200-day moving average price of $209.02.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%. The business's revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.58 EPS. On average, analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is presently 44.39%.

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.