Stevens Capital Management LP Cuts Holdings in Garmin Ltd. (NYSE:GRMN)

Key Points

• Stevens Capital Management LP has reduced its stake in Garmin Ltd. by 60.9%, now owning only 1,059 shares, following a sale of 1,649 shares in the first quarter.
• Garmin's CEO, Clifton A. Pemble, sold 7,899 shares of the company's stock for approximately $1.61 million, reducing his ownership by 5.28%.
• Garmin's recent quarterly earnings showed a year-over-year revenue increase of 11.1% to $1.54 billion, despite reporting earnings of $1.61 per share, which was slightly below analysts' expectations.

Stevens Capital Management LP cut its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 60.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,059 shares of the scientific and technical instruments company's stock after selling 1,649 shares during the quarter. Stevens Capital Management LP's holdings in Garmin were worth $230,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of GRMN. Kestra Private Wealth Services LLC increased 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 worth $1,858,000 after purchasing an additional 1,347 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Garmin during the 4th quarter worth approximately $127,000. Concurrent Investment Advisors LLC grew its holdings in Garmin by 23.4% during 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 purchasing an additional 437 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Garmin by 46.7% during 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 purchasing an additional 28,543 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings in Garmin by 255.2% during 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 purchasing an additional 319 shares during the period. 81.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the firm'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 transaction of $1,605,471.75. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm'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 transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

GRMN has been the subject of a number of analyst reports. Barclays decreased their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley boosted their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Garmin presently has an average rating of "Hold" and an average price target of $214.75.

Garmin Stock Performance

Shares of GRMN stock traded down $12.96 on Wednesday, hitting $226.35. The company's stock had a trading volume of 1,231,446 shares, compared to its average volume of 941,860. The stock's 50 day moving average is $211.53 and its 200-day moving average is $208.81. Garmin Ltd. has a fifty-two week low of $160.71 and a fifty-two week high of $246.50. The company has a market capitalization of $43.58 billion, a PE ratio of 29.77, a PEG ratio of 2.66 and a beta of 0.97.

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 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 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 was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.58 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.59%. Garmin's dividend payout ratio (DPR) is presently 47.37%.

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.