Garmin Ltd. (NYSE:GRMN) Shares Bought by Independent Advisor Alliance

Key Points

• Independent Advisor Alliance increased its stake in Garmin Ltd. by 856.3% in the 1st quarter, acquiring a total of 21,478 shares valued at approximately $4.66 million.
• Garmin reported earnings of $2.17 per share for the last quarter, exceeding analysts' expectations and showing a 20.4% revenue growth year-over-year.
• The company declared a quarterly dividend of $0.90 per share, amounting to an annualized yield of 1.5% based on recent stock prices.

Independent Advisor Alliance lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 856.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,478 shares of the scientific and technical instruments company's stock after purchasing an additional 19,232 shares during the period. Independent Advisor Alliance's holdings in Garmin were worth $4,663,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Kestra Private Wealth Services LLC raised its holdings in shares of Garmin by 18.7% in the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock valued at $1,858,000 after acquiring an additional 1,347 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of Garmin by 23.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock valued at $500,000 after acquiring an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Garmin by 46.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock valued at $19,480,000 after acquiring an additional 28,543 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Garmin by 255.2% in the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock valued at $96,000 after acquiring an additional 319 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Garmin in the first quarter valued at about $1,383,000. 81.60% of the stock is currently owned by institutional investors.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Insiders own 19.54% of the company's stock.

Garmin Stock Performance

NYSE:GRMN traded up $4.10 during mid-day trading on Tuesday, hitting $233.09. 587,206 shares of the company's stock traded hands, compared to its average volume of 904,124. The company has a fifty day moving average of $216.39 and a 200 day moving average of $209.67. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The company has a market capitalization of $44.87 billion, a P/E ratio of 28.74, a P/E/G ratio of 2.54 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company posted $1.58 earnings per share. The company's revenue for the quarter was up 20.4% compared to the same quarter last year. On average, research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company 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 currently 44.39%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays reaffirmed an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Morgan Stanley raised their price objective on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target 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.