Hoxton Planning & Management LLC Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Key Points

• Hoxton Planning & Management LLC has acquired a $316,000 position in Garmin Ltd., purchasing 1,456 shares during the 1st quarter.
• Garmin reported earnings of $2.17 per share for the last quarter, outpacing analysts' expectations of $1.90, with revenue rising 20.4% year-over-year.
• The company announced a quarterly dividend of $0.90 per share, translating to an annualized dividend yield of 1.6%.

Hoxton Planning & Management LLC acquired a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,456 shares of the scientific and technical instruments company's stock, valued at approximately $316,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its holdings 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 acquiring an additional 463 shares in the last quarter. Blair William & Co. IL raised its holdings in Garmin by 6.1% during the fourth quarter. Blair William & Co. IL now owns 4,821 shares of the scientific and technical instruments company's stock worth $994,000 after purchasing an additional 279 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in Garmin by 11.6% during the fourth quarter. Orion Portfolio Solutions LLC now owns 8,707 shares of the scientific and technical instruments company's stock worth $1,796,000 after purchasing an additional 907 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Garmin by 229.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 24,203 shares of the scientific and technical instruments company's stock worth $4,992,000 after purchasing an additional 16,850 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its holdings in Garmin by 30.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 10,286 shares of the scientific and technical instruments company's stock worth $2,122,000 after purchasing an additional 2,413 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Morgan Stanley raised their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday. Barclays reissued an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $222.00.

Insiders Place Their Bets

In related news, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction 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 transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction on Thursday, July 3rd. The shares were 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. This trade represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

Garmin Trading Up 0.0%

Shares of Garmin stock traded up $0.03 during trading on Friday, reaching $218.79. The company's stock had a trading volume of 1,324,517 shares, compared to its average volume of 840,080. The company has a 50-day moving average price of $212.65 and a two-hundred day moving average price of $208.99. The firm has a market cap of $42.12 billion, a PE ratio of 26.98, a P/E/G ratio of 2.41 and a beta of 0.99. Garmin Ltd. has a fifty-two week low of $160.71 and a fifty-two week high of $246.50.

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, beating analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the firm posted $1.58 EPS. Garmin's quarterly revenue was up 20.4% on a year-over-year basis. On average, analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is 44.39%.

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.