Nikko Asset Management Americas Inc. Has $9.17 Million Stake in Garmin Ltd. (NYSE:GRMN)

Key Points

• Nikko Asset Management Americas Inc. reduced its position in Garmin Ltd. by 10.7% in the first quarter, now owning a total of 42,216 shares valued at approximately $9.17 million.
• Garmin recently reported a quarterly earnings per share (EPS) of $1.61, slightly missing analysts' expectations, but the company's revenue grew by 11.1% year-over-year to $1.54 billion.
• The company announced a quarterly dividend of $0.90 per share, representing an annual yield of 1.53% and a payout ratio of 47.37%.

Nikko Asset Management Americas Inc. lessened its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 10.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,216 shares of the scientific and technical instruments company's stock after selling 5,080 shares during the period. Nikko Asset Management Americas Inc.'s holdings in Garmin were worth $9,166,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GRMN. Principal Street Partners LLC increased its stake in Garmin by 1.8% during the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock valued at $660,000 after buying an additional 58 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in Garmin by 2.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock valued at $489,000 after buying an additional 59 shares during the period. OneAscent Financial Services LLC increased its stake in Garmin by 3.7% during the 4th quarter. OneAscent Financial Services LLC now owns 1,753 shares of the scientific and technical instruments company's stock valued at $361,000 after buying an additional 63 shares during the period. Moody National Bank Trust Division increased its stake in Garmin by 2.4% during 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 buying an additional 72 shares during the period. Finally, FSM Wealth Advisors LLC increased its stake in Garmin by 5.1% during 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 buying an additional 72 shares during the period. Institutional investors and hedge funds own 81.60% of the company's stock.

Analyst Ratings Changes

GRMN has been the subject of several research reports. Barclays reduced their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley raised their price objective on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $214.75.

Garmin Price Performance

GRMN traded down $15.62 during midday trading on Wednesday, hitting $223.68. 1,593,902 shares of the company's stock traded hands, compared to its average volume of 943,453. The company has a market cap of $43.07 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.66 and a beta of 0.97. The stock's fifty day simple moving average is $211.53 and its 200-day simple moving average is $208.81. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50.

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 for the quarter, beating the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. The company's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.58 earnings per share. On average, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.61%. Garmin's dividend payout ratio (DPR) is presently 47.37%.

Insider Activity at Garmin

In other 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 completion of the sale, the chief executive officer directly owned 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's 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 completion of the transaction, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company's stock.

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.