Founders Financial Alliance LLC Acquires New Holdings in Garmin Ltd. (NYSE:GRMN)

Key Points

• Founders Financial Alliance LLC has acquired 1,348 shares of Garmin Ltd. (NYSE:GRMN) valued at approximately $293,000, marking a significant investment in the company.
• Garmin reported a 20.4% increase in revenue year-over-year for the last quarter, with earnings per share of $2.17, surpassing analysts' expectations.
• The company's quarterly dividend of $0.90 will be paid on September 26th, representing an annualized dividend yield of 1.5%.

Founders Financial Alliance LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,348 shares of the scientific and technical instruments company's stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TFC Financial Management Inc. increased its stake in Garmin by 1,633.3% in the 1st 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 bought a new position in shares of Garmin in the 1st quarter valued at about $34,000. Garde Capital Inc. acquired a new position in shares of Garmin during the 1st quarter worth approximately $40,000. Olde Wealth Management LLC acquired a new position in Garmin during the first quarter worth $43,000. Finally, Investment Management Corp VA ADV acquired a new position in shares of Garmin during the 4th quarter worth about $46,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Trading Up 1.6%

Shares of Garmin stock opened at $232.55 on Friday. The firm's 50 day moving average is $215.29 and its 200 day moving average is $209.45. The firm has a market capitalization of $44.76 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 2.58 and a beta of 0.99. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50.

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 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business earned $1.58 earnings per share. The company's revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.5%. Garmin's dividend payout ratio is currently 44.39%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. increased their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Barclays reissued an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Two 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, the company has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Activity at Garmin

In related 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 value of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction dated 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 in the company, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

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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