Harbor Capital Advisors Inc. Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Harbor Capital Advisors Inc. purchased a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,319 shares of the scientific and technical instruments company's stock, valued at approximately $721,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd boosted its position in shares of Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after buying an additional 121 shares during the period. Venturi Wealth Management LLC boosted its holdings in Garmin by 67.7% in the 4th quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock worth $43,000 after acquiring an additional 84 shares during the period. Investment Management Corp VA ADV acquired a new stake in Garmin in the fourth quarter valued at approximately $46,000. Measured Risk Portfolios Inc. purchased a new stake in shares of Garmin during the fourth quarter valued at approximately $47,000. Finally, Larson Financial Group LLC lifted its position in shares of Garmin by 26.8% during the fourth quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company's stock worth $50,000 after purchasing an additional 51 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

GRMN traded down $5.66 during trading hours on Tuesday, hitting $198.26. 415,023 shares of the stock were exchanged, compared to its average volume of 889,662. Garmin Ltd. has a 12 month low of $158.38 and a 12 month high of $246.50. The stock has a 50-day simple moving average of $198.04 and a 200-day simple moving average of $207.82. The stock has a market cap of $38.17 billion, a price-to-earnings ratio of 27.13, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the firm posted $1.42 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 1.82%. Garmin's dividend payout ratio is currently 47.37%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised 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. JPMorgan Chase & Co. dropped their target price on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Barclays cut their price target 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 lifted their price objective on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Garmin has a consensus rating of "Hold" and a consensus price target of $206.00.

About Garmin

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.