Garmin Ltd. (NYSE:GRMN) Shares Sold by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC reduced its holdings in Garmin Ltd. by 15.5% during the first quarter, now owning 12,300 shares valued at approximately $2.67 million.
• Garmin reported a quarterly earnings per share of $2.17, which exceeded analysts' expectations of $1.90, along with a revenue of $1.81 billion, up 20.4% year-over-year.
• Garmin has declared a quarterly dividend of $0.90, with a yield of 1.5%, set to be paid on September 26th for shareholders on record as of September 12th.

Mizuho Securities USA LLC lowered its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 15.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,300 shares of the scientific and technical instruments company's stock after selling 2,260 shares during the period. Mizuho Securities USA LLC's holdings in Garmin were worth $2,671,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of GRMN. Vanguard Group Inc. lifted its holdings in Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock valued at $4,000,656,000 after acquiring an additional 357,458 shares during the period. Northern Trust Corp lifted its holdings in Garmin by 20.2% in the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock valued at $352,394,000 after acquiring an additional 286,765 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Garmin by 15.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock valued at $206,074,000 after acquiring an additional 135,135 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Garmin by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company's stock valued at $193,812,000 after acquiring an additional 2,768 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Garmin by 25,047.9% in the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after acquiring an additional 881,935 shares during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Up 1.8%

Shares of GRMN stock traded up $4.10 during trading hours on Tuesday, hitting $233.09. 587,206 shares of the company's stock were exchanged, compared to its average volume of 904,124. The firm has a market cap 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. The firm has a 50 day moving average of $216.39 and a two-hundred day moving average of $209.67. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.27. The business had revenue of $1.81 billion during 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 business's quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.58 EPS. On average, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.5%. Garmin's dividend payout ratio is currently 44.39%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GRMN shares. Morgan Stanley boosted their price target on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays reissued an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Garmin has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Buying and Selling at Garmin

In related news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% 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 corporate insiders.

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.