Garmin Ltd. (NYSE:GRMN) Stock Holdings Decreased by National Pension Service

Key Points

• The National Pension Service decreased its stake in Garmin Ltd. by 1.1% to own 272,140 shares after selling 2,917 shares in the first quarter.
• CEO Clifton A. Pemble sold 7,899 shares of Garmin stock, reducing his ownership by 5.28%, while CFO Douglas Boessen also sold 1,859 shares, decreasing his position by 6.00%.
• Garmin recently reported a strong quarterly profit of $2.17 EPS, exceeding expectations and reflecting a 20.4% revenue growth year-over-year.

National Pension Service lowered its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 272,140 shares of the scientific and technical instruments company's stock after selling 2,917 shares during the period. National Pension Service owned about 0.14% of Garmin worth $59,090,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in GRMN. Principal Street Partners LLC grew its stake in Garmin by 1.8% in the 4th 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 during the period. Thurston Springer Miller Herd & Titak Inc. grew its stake in Garmin by 2.7% in the 1st 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 acquiring an additional 59 shares during the period. Harbour Investments Inc. grew its stake in Garmin by 31.8% in the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after acquiring an additional 64 shares during the period. Moody National Bank Trust Division boosted its holdings in shares of Garmin by 2.4% in the 1st 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 purchasing an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC boosted its holdings in shares of Garmin by 5.1% in the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock valued at $325,000 after purchasing an additional 72 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research 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, July 31st. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays reiterated an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of "Hold" and an average target price of $222.00.

Insider Buying and Selling at Garmin

In related news, 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 sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction 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 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 disclosure for this sale can be found here. Insiders own 15.38% of the company's stock.

Garmin Stock Performance

Shares of NYSE:GRMN traded down $2.68 during midday trading on Friday, hitting $232.38. 633,826 shares of the company's stock traded hands, compared to its average volume of 894,582. The company has a market cap of $44.73 billion, a PE ratio of 28.65, a P/E/G ratio of 2.59 and a beta of 0.99. The firm's fifty day moving average price is $218.12 and its two-hundred day moving average price is $210.07. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50.

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

Garmin Dividend Announcement

The company 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 annualized dividend and a yield of 1.5%. 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.