Wealthfront Advisers LLC Buys 3,703 Shares of Garmin Ltd. (NYSE:GRMN)

Wealthfront Advisers LLC grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 12.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,785 shares of the scientific and technical instruments company's stock after purchasing an additional 3,703 shares during the period. Wealthfront Advisers LLC's holdings in Garmin were worth $7,119,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd lifted its holdings in shares of Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after acquiring an additional 121 shares during the last quarter. TFC Financial Management Inc. lifted its stake in Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Garmin in the 1st quarter worth about $34,000. Garde Capital Inc. bought a new position in shares of Garmin during the 1st quarter valued at about $40,000. Finally, Olde Wealth Management LLC purchased a new position in shares of Garmin during the 1st quarter valued at about $43,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Up 1.1%

Shares of NYSE:GRMN traded up $2.54 during midday trading on Friday, reaching $227.94. The company's stock had a trading volume of 807,675 shares, compared to its average volume of 907,401. The firm has a 50 day moving average of $206.51 and a 200-day moving average of $207.47. The firm has a market capitalization of $43.89 billion, a P/E ratio of 29.99, a PEG ratio of 2.48 and a beta of 0.97. Garmin Ltd. has a 12-month low of $160.71 and a 12-month high of $246.50.

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

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.58%. Garmin's dividend payout ratio is presently 47.37%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Barclays reduced their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Morgan Stanley boosted their target price on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $214.75.

Insider Buying and Selling

In other news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction dated 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 sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

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.