Board of the Pension Protection Fund Sells 3,400 Shares of Garmin Ltd. (NYSE:GRMN)

Board of the Pension Protection Fund reduced its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 68.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,600 shares of the scientific and technical instruments company's stock after selling 3,400 shares during the period. Board of the Pension Protection Fund's holdings in Garmin were worth $347,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd grew its position 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 worth $28,000 after acquiring an additional 121 shares in the last quarter. TFC Financial Management Inc. raised its position in Garmin by 1,633.3% during the first 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 period. Garde Capital Inc. bought a new stake in shares of Garmin in the 1st quarter valued at approximately $40,000. Investment Management Corp VA ADV purchased a new position in shares of Garmin in the 4th quarter worth approximately $46,000. Finally, Measured Risk Portfolios Inc. purchased a new position in shares of Garmin in the 4th quarter worth approximately $47,000. 81.60% of the stock is currently owned by institutional investors.

Insider Transactions at Garmin

In other news, 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 transaction of $1,605,471.75. Following the transaction, the chief executive officer now owns 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 15.38% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on GRMN shares. Morgan Stanley increased their price target on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. 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. Finally, JPMorgan Chase & Co. dropped their price target on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Two research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $206.00.

Garmin Stock Performance

Shares of GRMN stock opened at $205.13 on Friday. The stock has a 50 day moving average price of $199.71 and a 200 day moving average price of $207.12. Garmin Ltd. has a 52-week low of $158.90 and a 52-week high of $246.50. The firm has a market capitalization of $39.50 billion, a P/E ratio of 26.99, a P/E/G ratio of 2.28 and a beta of 0.98.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results 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 business had revenue of $1.54 billion during 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%. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 dividend yield of 1.75%. Garmin's dividend payout ratio (DPR) is presently 47.37%.

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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