Handelsbanken Fonder AB trimmed its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 6.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,098 shares of the scientific and technical instruments company's stock after selling 7,493 shares during the period. Handelsbanken Fonder AB owned approximately 0.06% of Garmin worth $24,123,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its stake in Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock valued at $401,000 after purchasing an additional 463 shares in the last quarter. Choreo LLC lifted its holdings in shares of Garmin by 19.2% in the fourth quarter. Choreo LLC now owns 3,329 shares of the scientific and technical instruments company's stock valued at $689,000 after purchasing an additional 536 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Garmin during the fourth quarter valued at approximately $26,000. Wilmington Savings Fund Society FSB lifted its stake in Garmin by 152.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,643 shares of the scientific and technical instruments company's stock valued at $545,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Stephens Inc. AR lifted its holdings in Garmin by 2.4% during the fourth quarter. Stephens Inc. AR now owns 3,180 shares of the scientific and technical instruments company's stock valued at $656,000 after purchasing an additional 75 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
GRMN has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Morgan Stanley increased their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. Barclays cut their target price on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Finally, Tigress Financial raised their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a report on Wednesday, February 26th. Two investment 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 company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $206.00.
Get Our Latest Stock Report on GRMN
Garmin Stock Performance
Shares of Garmin stock traded down $0.60 during trading on Thursday, hitting $208.53. 225,210 shares of the company's stock were exchanged, compared to its average volume of 887,197. The stock has a market capitalization of $40.15 billion, a price-to-earnings ratio of 28.53, a PEG ratio of 1.36 and a beta of 0.98. The business has a 50-day simple moving average of $196.32 and a 200-day simple moving average of $208.06. Garmin Ltd. has a 52-week low of $158.38 and a 52-week high of $246.50.
Garmin (NYSE:GRMN - Get Free Report) last released 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 firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 earnings per share. On average, equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.73%. Garmin's payout ratio is currently 47.37%.
About Garmin
(
Free Report)
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.
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