Garmin Ltd. $GRMN Stake Boosted by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

Key Points

• BNP Paribas Asset Management significantly increased its stake in Garmin by 111.2%, owning 44,441 shares valued at approximately $9.65 million as of the latest SEC filing.
• Garmin reported a 20.4% increase in quarterly revenue year-over-year, achieving $1.81 billion and exceeding analysts' expectations, along with an EPS of $2.17.
• The company has declared a quarterly dividend of $0.90 per share, translating to an annualized dividend yield of 1.5% with a payout ratio of 44.39%.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 111.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,441 shares of the scientific and technical instruments company's stock after purchasing an additional 23,395 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.'s holdings in Garmin were worth $9,649,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Principal Street Partners LLC raised its stake in Garmin by 1.8% during the fourth quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock worth $660,000 after acquiring an additional 58 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Garmin by 2.7% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock valued at $489,000 after purchasing an additional 59 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of Garmin by 31.8% during the first quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock valued at $58,000 after purchasing an additional 64 shares during the last quarter. Moody National Bank Trust Division raised its position in shares of Garmin by 2.4% during the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock worth $655,000 after purchasing an additional 72 shares during the period. Finally, FSM Wealth Advisors LLC lifted its holdings in shares of Garmin by 5.1% in the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock worth $325,000 after purchasing an additional 72 shares during the last quarter. Institutional investors own 81.60% of the company's stock.

Garmin Price Performance

GRMN opened at $232.38 on Monday. The stock's 50 day moving average price is $218.12 and its 200 day moving average price is $210.02. The stock has a market cap of $44.73 billion, a P/E ratio of 28.65, 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 released 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. The company had revenue of $1.81 billion during 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 company's revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.58 earnings per share. Equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business 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 dividend yield of 1.5%. Garmin's dividend payout ratio (DPR) is 44.39%.

Analysts Set New Price Targets

GRMN has been the subject of a number of recent research reports. Barclays restated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. 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. Finally, Morgan Stanley increased their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Garmin has an average rating of "Hold" and an average price target of $222.00.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The shares were 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. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

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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