Garmin Ltd. (NYSE:GRMN) Shares Sold by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd. reduced its stake in Garmin Ltd. by 48.9% in the first quarter, decreasing its holdings to 1,729 shares valued at approximately $376,000.
• Several institutional investors significantly increased their stakes in Garmin, with Aster Capital Management DIFC Ltd. growing its investment by 864.3%.
• Garmin recently declared a $0.90 quarterly dividend, amounting to an annual yield of 1.63% and a dividend payout ratio of 47.37%.

Harvest Fund Management Co. Ltd lessened its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 48.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,729 shares of the scientific and technical instruments company's stock after selling 1,652 shares during the period. Harvest Fund Management Co. Ltd's holdings in Garmin were worth $376,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. 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 during the last quarter. Congress Asset Management Co. boosted its stake in shares of Garmin by 673.4% during the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after acquiring an additional 384,258 shares during 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 during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Garmin by 164.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock worth $82,121,000 after acquiring an additional 247,726 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Garmin during the 4th quarter valued at $39,748,000. Institutional investors own 81.60% of the company's stock.

Garmin Price Performance

NYSE GRMN traded up $4.88 on Monday, hitting $223.61. The stock had a trading volume of 247,249 shares, compared to its average volume of 952,955. The business's fifty day moving average price is $212.65 and its 200 day moving average price is $208.95. Garmin Ltd. has a 52-week low of $160.71 and a 52-week high of $246.50. The stock has a market cap of $43.04 billion, a price-to-earnings ratio of 27.55, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company earned $1.58 earnings per share. The business's revenue for the quarter was up 20.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's payout ratio is 44.39%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Barclays reiterated an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday. Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Two 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $222.00.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company's stock.

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.