Deutsche Bank AG trimmed its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 494,066 shares of the scientific and technical instruments company's stock after selling 12,609 shares during the quarter. Deutsche Bank AG owned 0.26% of Garmin worth $107,277,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. 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 valued at $660,000 after buying an additional 58 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in 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 buying an additional 59 shares during the last quarter. Harbour Investments Inc. increased its holdings in shares of Garmin by 31.8% in the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after purchasing an additional 64 shares in the last quarter. Moody National Bank Trust Division increased its holdings in shares of Garmin by 2.4% in 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 in the last quarter. Finally, FSM Wealth Advisors LLC increased 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 in the last quarter. Institutional investors own 81.60% of the company's stock.
Analysts Set New Price Targets
A number of research firms have commented on GRMN. 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 target price on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, Barclays reaffirmed an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $222.00.
Check Out Our Latest Stock Analysis on GRMN
Insider Buying and Selling
In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the company'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 sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company's stock.
Garmin Price Performance
Shares of NYSE GRMN traded up $3.64 during mid-day trading on Wednesday, reaching $236.59. The company's stock had a trading volume of 768,129 shares, compared to its average volume of 947,368. The firm has a market capitalization of $45.54 billion, a PE ratio of 29.17, a P/E/G ratio of 2.54 and a beta of 0.99. The stock has a fifty day moving average of $216.39 and a two-hundred day moving average of $209.67. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50.
Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.58 earnings per share. Analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
Garmin Announces Dividend
The business also recently disclosed 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 (DPR) is presently 44.39%.
About Garmin
(
Free Report)
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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