Los Angeles Capital Management LLC Boosts Stock Position in Garmin Ltd. (NYSE:GRMN)

Los Angeles Capital Management LLC raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 114.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 213,369 shares of the scientific and technical instruments company's stock after purchasing an additional 113,820 shares during the period. Los Angeles Capital Management LLC owned 0.11% of Garmin worth $46,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GRMN. Lindbrook Capital LLC grew its stake in shares of Garmin by 58.6% during the first quarter. Lindbrook Capital LLC now owns 801 shares of the scientific and technical instruments company's stock worth $174,000 after acquiring an additional 296 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Garmin by 3.0% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 11,807 shares of the scientific and technical instruments company's stock worth $2,563,000 after acquiring an additional 344 shares during the last quarter. Atlantic Union Bankshares Corp grew its stake in shares of Garmin by 3.3% during the first quarter. Atlantic Union Bankshares Corp now owns 42,696 shares of the scientific and technical instruments company's stock worth $9,271,000 after acquiring an additional 1,345 shares during the last quarter. OneAscent Financial Services LLC grew its stake in shares of Garmin by 11.8% during the first quarter. OneAscent Financial Services LLC now owns 1,959 shares of the scientific and technical instruments company's stock worth $426,000 after acquiring an additional 206 shares during the last quarter. Finally, Kestra Private Wealth Services LLC grew its stake in shares of Garmin by 18.7% during the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after acquiring an additional 1,347 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GRMN. Morgan Stanley lifted their target price on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Barclays decreased their price target on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $214.75.

Garmin Trading Up 1.1%

NYSE GRMN opened at $227.94 on Friday. The stock has a market cap of $43.89 billion, a PE ratio of 29.99, a P/E/G ratio of 2.55 and a beta of 0.97. Garmin Ltd. has a twelve month low of $160.71 and a twelve month high of $246.50. The stock has a fifty day simple moving average of $207.24 and a 200-day simple moving average of $207.63.

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

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.58%. Garmin's dividend payout ratio is currently 47.37%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was 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 $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm'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 transaction, the chief financial officer owned 29,146 shares of the company's stock, 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. 15.38% of the stock is owned by insiders.

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.

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