Garmin Ltd. (NYSE:GRMN) Shares Purchased by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group LLC increased its stake in Garmin Ltd. by 357%, acquiring an additional 3,956 shares during the first quarter, bringing its total holdings to 5,064 shares valued at $1.1 million.
• Garmin's quarterly earnings report showed an EPS of $2.17, surpassing the consensus estimate by $0.27, with revenue up 20.4% year-over-year.
• The company announced a quarterly dividend of $0.90 per share, representing a 1.5% yield, with a payout ratio of 44.39%.

Chicago Partners Investment Group LLC grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 357.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,064 shares of the scientific and technical instruments company's stock after purchasing an additional 3,956 shares during the period. Chicago Partners Investment Group LLC's holdings in Garmin were worth $1,100,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Principal Street Partners LLC boosted its holdings 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 valued at $660,000 after purchasing an additional 58 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Garmin by 2.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after purchasing an additional 59 shares during the last quarter. Harbour Investments Inc. raised its holdings in Garmin by 31.8% in the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock valued at $58,000 after acquiring an additional 64 shares during the last quarter. Moody National Bank Trust Division raised its holdings in Garmin by 2.4% in the 1st 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 acquiring an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC grew its stake in shares of Garmin by 5.1% during the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock valued at $325,000 after buying an additional 72 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction 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. This represents a 5.28% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

Garmin Stock Performance

Shares of NYSE:GRMN traded up $4.10 during trading hours on Tuesday, hitting $233.09. The stock had a trading volume of 587,206 shares, compared to its average volume of 948,568. The stock's fifty day simple moving average is $215.82 and its 200 day simple moving average is $209.50. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The firm has a market capitalization of $44.87 billion, a price-to-earnings ratio of 28.74, a PEG ratio of 2.58 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business earned $1.58 earnings per share. Garmin's revenue was up 20.4% compared to the same quarter last year. As a group, research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's dividend payout ratio is presently 44.39%.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price target on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley upped their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Finally, Barclays reaffirmed an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $222.00.

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.