HB Wealth Management LLC Has $1.42 Million Stake in Garmin Ltd. (NYSE:GRMN)

HB Wealth Management LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 71.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,532 shares of the scientific and technical instruments company's stock after purchasing an additional 2,711 shares during the period. HB Wealth Management LLC's holdings in Garmin were worth $1,418,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Garmin by 25,047.9% during the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after buying an additional 881,935 shares in the last quarter. Congress Asset Management Co. grew its holdings in 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 period. Northern Trust Corp grew its holdings in 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 period. Caisse DE Depot ET Placement DU Quebec grew its holdings in 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 period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Garmin during the 4th quarter worth about $39,748,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Morgan Stanley increased their price target on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on Garmin from $215.00 to $250.00 and gave the stock 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 report on Wednesday. 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $222.00.

Garmin Price Performance

Shares of GRMN traded up $0.03 during trading hours on Friday, hitting $218.79. The stock had a trading volume of 1,324,517 shares, compared to its average volume of 957,918. The firm has a 50 day simple moving average of $212.28 and a 200-day simple moving average of $208.97. The firm has a market capitalization of $42.13 billion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 2.48 and a beta of 0.97. Garmin Ltd. has a 1-year low of $160.71 and a 1-year high of $246.50.

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

Garmin Dividend Announcement

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

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the transaction, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. The trade was a 6.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction dated 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 transaction, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

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.