HM Payson & Co. Has $764,000 Stake in Garmin Ltd. (NYSE:GRMN)

HM Payson & Co. reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 32.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,517 shares of the scientific and technical instruments company's stock after selling 1,700 shares during the period. HM Payson & Co.'s holdings in Garmin were worth $764,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Garmin by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company's stock valued at $3,726,645,000 after purchasing an additional 215,344 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Garmin by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company's stock worth $913,544,000 after buying an additional 75,332 shares during the last quarter. Norges Bank acquired a new stake in shares of Garmin in the fourth quarter worth $396,184,000. Invesco Ltd. raised its stake in Garmin by 9.6% during the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company's stock valued at $352,475,000 after purchasing an additional 149,210 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Garmin by 20.2% during the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after acquiring an additional 286,765 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Performance

Shares of NYSE GRMN traded up $0.38 during mid-day trading on Monday, reaching $215.15. The company had a trading volume of 257,762 shares, compared to its average volume of 960,246. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50. The business's 50-day simple moving average is $201.88 and its 200 day simple moving average is $206.94. The firm has a market cap of $41.42 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 2.41 and a beta of 0.97.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.76% and a return on equity of 19.21%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The business's revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.67%. Garmin's payout ratio is presently 47.37%.

Insider Buying and Selling

In other Garmin 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 value of $1,605,471.75. Following the transaction, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 19.54% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley increased their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. decreased their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Finally, Barclays decreased their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Two equities research 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, the stock has an average rating of "Hold" and an average target price of $206.00.

Garmin Company 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.