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Hartford Investment Management Co. Buys Shares of 9,403 Garmin Ltd. (NYSE:GRMN)

Garmin logo with Computer and Technology background

Key Points

  • Hartford Investment Management Co. recently acquired 9,403 shares of Garmin Ltd., valued at approximately $2,042,000, during the first quarter.
  • Garmin reported a 20.4% increase in revenue year-over-year, with earnings per share of $2.17, surpassing analysts' expectations of $1.90.
  • The company has declared a quarterly dividend of $0.90 to be paid on September 26th, representing an annualized yield of 1.6%.
  • Interested in Garmin? Here are five stocks we like better.

Hartford Investment Management Co. bought a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,403 shares of the scientific and technical instruments company's stock, valued at approximately $2,042,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Invesco Ltd. boosted its stake in shares of Garmin by 9.6% during the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company's stock worth $352,475,000 after acquiring an additional 149,210 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Garmin by 20.2% during the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after acquiring an additional 286,765 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Garmin by 15.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock worth $206,074,000 after acquiring an additional 135,135 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after acquiring an additional 881,935 shares in the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of Garmin by 6.5% during the 4th quarter. Captrust Financial Advisors now owns 817,902 shares of the scientific and technical instruments company's stock worth $168,701,000 after acquiring an additional 50,173 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

NYSE GRMN opened at $218.79 on Friday. Garmin Ltd. has a twelve month low of $160.71 and a twelve month high of $246.50. The stock has a market capitalization of $42.11 billion, a PE ratio of 26.98, a P/E/G ratio of 2.41 and a beta of 0.99. The stock has a 50-day simple moving average of $212.65 and a 200 day simple moving average of $208.99.

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. Garmin had a return on equity of 20.00% and a net margin of 23.21%. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the firm earned $1.58 EPS. The firm's revenue was up 20.4% compared to the same quarter last year. As a group, equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is 47.37%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GRMN shares. Morgan Stanley upped their price target on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday. JPMorgan Chase & Co. upped their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Barclays reiterated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Garmin has a consensus rating of "Hold" and a consensus target price of $222.00.

Check Out Our Latest Analysis on GRMN

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the company'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 value of $399,685.00. Following the completion of the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the company'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 value of $1,605,471.75. Following the completion of the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

Garmin Company Profile

(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.

Read More

Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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