Garmin Ltd. (NYSE:GRMN) Shares Purchased by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP increased its holdings in Garmin Ltd. by 139.9% in Q1, now owning 4,171 shares valued at $906,000.
• CEO Clifton A. Pemble sold 7,899 shares of Garmin stock on June 16th, reducing his ownership by 5.28% to 141,626 shares valued at approximately $28.8 million.
• Garmin reported a 20.4% year-over-year revenue growth in its recent quarter, with earnings per share of $2.17, surpassing analyst estimates.

GSA Capital Partners LLP lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 139.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,171 shares of the scientific and technical instruments company's stock after buying an additional 2,432 shares during the quarter. GSA Capital Partners LLP's holdings in Garmin were worth $906,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC raised its position in shares of Garmin by 18.7% in the first 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 buying an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of Garmin by 23.4% in 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 raised its stake 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 worth $19,480,000 after purchasing an additional 28,543 shares during the period. Golden State Wealth Management LLC boosted its holdings in Garmin by 255.2% in 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 purchasing an additional 319 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of Garmin by 30.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,286 shares of the scientific and technical instruments company's stock worth $2,122,000 after buying an additional 2,413 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GRMN shares. Morgan Stanley lifted their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays reiterated an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Two 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 company. Based on data from MarketBeat.com, Garmin has a consensus rating of "Hold" and an average price target of $222.00.

Insider Buying and Selling at Garmin

In other news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Garmin Stock Up 0.9%

Garmin stock traded up $2.05 during trading on Tuesday, reaching $227.58. The stock had a trading volume of 226,567 shares, compared to its average volume of 951,262. Garmin Ltd. has a 52-week low of $160.81 and a 52-week high of $246.50. The business has a 50 day moving average price of $213.15 and a 200 day moving average price of $209.02. The stock has a market cap of $43.81 billion, a PE ratio of 28.06, a P/E/G ratio of 2.43 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. The company's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.58 EPS. On average, equities analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is 44.39%.

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.