Diversified Trust Co Acquires 2,082 Shares of Garmin Ltd. (NYSE:GRMN)

Diversified Trust Co raised its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 58.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,643 shares of the scientific and technical instruments company's stock after purchasing an additional 2,082 shares during the period. Diversified Trust Co's holdings in Garmin were worth $1,225,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Brighton Jones LLC grew its holdings in Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after purchasing an additional 463 shares during the period. Y Intercept Hong Kong Ltd boosted its position in shares of Garmin by 37.9% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 3,779 shares of the scientific and technical instruments company's stock worth $779,000 after purchasing an additional 1,039 shares in the last quarter. New York Life Investment Management LLC boosted its position in shares of Garmin by 1.1% in the 4th quarter. New York Life Investment Management LLC now owns 21,187 shares of the scientific and technical instruments company's stock worth $4,370,000 after purchasing an additional 224 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Garmin in the 4th quarter worth approximately $31,454,000. Finally, US Bancorp DE increased its position in Garmin by 14.4% during the 4th quarter. US Bancorp DE now owns 8,521 shares of the scientific and technical instruments company's stock valued at $1,758,000 after buying an additional 1,074 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

GRMN has been the topic of a number of recent research reports. Morgan Stanley increased their target price on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. Barclays cut their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $206.00.

Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 7,899 shares of the firm's 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 directly owned 141,626 shares in the company, valued at $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 is available at this link. Corporate insiders own 19.54% of the company's stock.

Garmin Stock Performance

Shares of GRMN stock traded up $1.65 during mid-day trading on Wednesday, hitting $212.78. The company's stock had a trading volume of 350,053 shares, compared to its average volume of 904,137. Garmin Ltd. has a 52-week low of $158.90 and a 52-week high of $246.50. The stock has a market cap of $40.97 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 2.34 and a beta of 0.97. The business has a 50-day moving average price of $200.89 and a 200 day moving average price of $206.87.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. Garmin's revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.42 EPS. Equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.69%. 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.