Connor Clark & Lunn Investment Management Ltd. Lowers Position in Garmin Ltd. $GRMN

Key Points

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Connor Clark & Lunn Investment Management Ltd. cut its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 75.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,331 shares of the scientific and technical instruments company's stock after selling 9,999 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Garmin were worth $723,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. TFC Financial Management Inc. lifted its position in shares of 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 buying an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Garmin during the first quarter valued at about $34,000. Zions Bancorporation National Association UT purchased a new stake in shares of Garmin during the first quarter valued at about $38,000. Garde Capital Inc. purchased a new stake in shares of Garmin during the first quarter valued at about $40,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Garmin during the first quarter valued at about $43,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Garmin news, 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 completion of the transaction, the chief executive officer directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

Garmin Trading Up 0.1%

NYSE GRMN opened at $232.49 on Tuesday. The company has a fifty day simple moving average of $218.60 and a two-hundred day simple moving average of $210.14. The stock has a market cap of $44.75 billion, a P/E ratio of 28.67, a P/E/G ratio of 2.59 and a beta of 0.99. Garmin Ltd. has a 12-month low of $160.94 and a 12-month high of $246.50.

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

Garmin Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have commented on GRMN. Morgan Stanley increased their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Barclays reissued an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Two equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $222.00.

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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