Mackenzie Financial Corp Has $14.27 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Mackenzie Financial Corp lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 12.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 65,725 shares of the scientific and technical instruments company's stock after acquiring an additional 7,412 shares during the period. Mackenzie Financial Corp's holdings in Garmin were worth $14,271,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Garmin by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company's stock worth $913,544,000 after acquiring an additional 75,332 shares during the period. Invesco Ltd. lifted its holdings in Garmin by 9.6% during the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company's stock valued at $352,475,000 after purchasing an additional 149,210 shares during the last quarter. Northern Trust Corp lifted 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 valued at $352,394,000 after purchasing an additional 286,765 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Garmin by 15.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock valued at $206,074,000 after purchasing an additional 135,135 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after purchasing an additional 881,935 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GRMN has been the subject of several analyst reports. Morgan Stanley lifted their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday. Barclays reaffirmed an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $222.00.

Garmin Stock Performance

Shares of NYSE GRMN traded up $0.03 during trading on Friday, reaching $218.79. The company had a trading volume of 1,324,517 shares, compared to its average volume of 840,080. The stock has a market cap of $42.11 billion, a PE ratio of 26.98, a PEG ratio of 2.41 and a beta of 0.99. The business's 50 day moving average price is $212.65 and its 200-day moving average price is $208.99. Garmin Ltd. has a 52 week low of $160.71 and a 52 week high of $246.50.

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

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid 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 dividend payout ratio (DPR) is 47.37%.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction that occurred 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. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $1,605,471.75. Following the transaction, the chief executive officer owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.38% of the company's stock.

Garmin 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.