Hoxton Planning & Management LLC Makes New $316,000 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 position in Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,456 shares of the scientific and technical instruments company's stock, valued at approximately $316,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GRMN. Principal Street Partners LLC boosted its holdings in Garmin by 1.8% in the fourth quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock worth $660,000 after acquiring an additional 58 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in Garmin by 2.7% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after buying an additional 59 shares in the last quarter. OneAscent Financial Services LLC boosted its stake in shares of Garmin by 3.7% in the fourth quarter. OneAscent Financial Services LLC now owns 1,753 shares of the scientific and technical instruments company's stock worth $361,000 after acquiring an additional 63 shares during the period. Moody National Bank Trust Division boosted its stake in Garmin by 2.4% during the first quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock valued at $655,000 after buying an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC boosted its stake in Garmin by 5.1% during the first quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock valued at $325,000 after buying an additional 72 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on GRMN. Barclays restated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley raised their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $222.00.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the business's 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 owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Garmin Price Performance

Shares of NYSE GRMN traded up $1.80 during mid-day trading on Tuesday, hitting $227.33. The company had a trading volume of 248,824 shares, compared to its average volume of 951,417. The company has a market capitalization of $43.76 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. Garmin Ltd. has a 1-year low of $160.81 and a 1-year high of $246.50. The business's 50-day simple moving average is $213.15 and its 200 day simple moving average is $209.02.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data 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 return on equity of 20.00% and a net margin of 23.21%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the company posted $1.58 earnings per share. The business's quarterly revenue was up 20.4% compared to the same quarter last year. On average, analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

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

Garmin Company 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.