Earned Wealth Advisors LLC Takes Position in Garmin Ltd. (NYSE:GRMN)

Key Points

• Earned Wealth Advisors LLC acquired 1,218 shares of Garmin Ltd., valued at approximately $264,000, as reported in their recent SEC filing.
• During the fourth quarter, several institutional investors increased their holdings in Garmin, with Arrowstreet Capital raising its position by 229.2%, now holding over 24,000 shares.
• Garmin announced a quarterly dividend of $0.90 per share, set to be paid on September 26th, reflecting a 1.6% yield based on an annualized dividend of $3.60.

Earned Wealth Advisors LLC purchased a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,218 shares of the scientific and technical instruments company's stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC raised 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 buying an additional 463 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Garmin by 229.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 24,203 shares of the scientific and technical instruments company's stock valued at $4,992,000 after acquiring an additional 16,850 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Garmin by 10.0% during the fourth quarter. Wellington Management Group LLP now owns 18,281 shares of the scientific and technical instruments company's stock valued at $3,771,000 after acquiring an additional 1,669 shares in the last quarter. Franklin Resources Inc. raised its holdings in Garmin by 5.1% in the 4th quarter. Franklin Resources Inc. now owns 142,387 shares of the scientific and technical instruments company's stock worth $29,369,000 after acquiring an additional 6,910 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Garmin in the 4th quarter valued at approximately $861,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Price Performance

GRMN stock opened at $218.79 on Monday. The company has a market cap of $42.11 billion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. Garmin Ltd. has a 1 year low of $160.71 and a 1 year high of $246.50. The stock's fifty day moving average price is $212.65 and its 200-day moving average price is $208.95.

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

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's dividend payout ratio is currently 44.39%.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,859 shares of the firm's 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 transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at approximately $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.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley lifted their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday. Finally, Barclays restated an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin has a consensus rating of "Hold" and a consensus target price 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.

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