Garmin Ltd. (NYSE:GRMN) Shares Sold by Inspire Advisors LLC

Key Points

• Inspire Advisors LLC reduced its stake in Garmin Ltd. by 28.7% during the first quarter, now holding 5,834 shares worth approximately $1.27 million.
• Garmin reported a quarterly revenue of $1.54 billion, exceeding analyst estimates and marking an 11.1% year-over-year increase.
• The company announced a quarterly dividend of $0.90 per share, reflecting a 1.53% dividend yield based on an annualized dividend of $3.60.

Inspire Advisors LLC lessened its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 28.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,834 shares of the scientific and technical instruments company's stock after selling 2,347 shares during the quarter. Inspire Advisors LLC's holdings in Garmin were worth $1,267,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC lifted its position in shares of Garmin by 18.7% during the 1st 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 during the period. Quantbot Technologies LP acquired a new stake in shares of Garmin during the 4th quarter valued at approximately $127,000. Concurrent Investment Advisors LLC lifted its position in shares of Garmin by 23.4% during the 1st 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 during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Garmin by 46.7% during the 1st 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 during the period. Finally, Golden State Wealth Management LLC lifted its position in shares of Garmin by 255.2% during the 1st 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 during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Price Performance

GRMN stock traded down $15.63 during midday trading on Wednesday, hitting $223.67. The stock had a trading volume of 1,593,902 shares, compared to its average volume of 943,453. The firm has a market cap of $43.07 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.66 and a beta of 0.97. Garmin Ltd. has a 12-month low of $160.71 and a 12-month high of $246.50. The company's 50-day moving average price is $211.53 and its 200 day moving average price is $208.81.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. Garmin's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 EPS. As a group, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business 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 dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.61%. Garmin's dividend payout ratio is presently 47.37%.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction on Monday, June 16th. The shares were 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 directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $6,266,390. This trade represents 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 owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on GRMN shares. Morgan Stanley lifted 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. Barclays cut their price objective on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $214.75.

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.