Garmin Ltd. (NYSE:GRMN) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 94,522 shares of the scientific and technical instruments company's stock after selling 9,818 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Garmin were worth $20,524,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in GRMN. Aster Capital Management DIFC Ltd grew its stake in Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after buying an additional 121 shares during the last quarter. TFC Financial Management Inc. boosted its holdings in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after acquiring an additional 147 shares during the period. Garde Capital Inc. acquired a new stake in shares of Garmin in the first quarter valued at approximately $40,000. Investment Management Corp VA ADV purchased a new position in shares of Garmin during the fourth quarter worth approximately $46,000. Finally, Measured Risk Portfolios Inc. acquired a new position in shares of Garmin in the 4th quarter valued at $47,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the business'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 now owns 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 15.38% of the stock is owned by corporate insiders.

Garmin Price Performance

Shares of GRMN stock traded up $0.35 during mid-day trading on Monday, hitting $208.71. The stock had a trading volume of 762,968 shares, compared to its average volume of 966,849. The firm has a market cap of $40.19 billion, a PE ratio of 27.46, a PEG ratio of 2.34 and a beta of 0.98. The company's 50-day simple moving average is $200.06 and its 200-day simple moving average is $206.88. Garmin Ltd. has a fifty-two week low of $158.90 and a fifty-two week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a return on equity of 19.21% and a net margin of 22.76%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period last year, the company posted $1.42 earnings per share. The business's quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.72%. Garmin's dividend payout ratio (DPR) is 47.37%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GRMN. Morgan Stanley raised their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research report on Thursday, May 1st. Barclays decreased their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lowered their price target on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $206.00.

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.