NorthCrest Asset Manangement LLC Invests $518,000 in Garmin Ltd. (NYSE:GRMN)

NorthCrest Asset Manangement LLC bought a new position in Garmin Ltd. (NYSE:GRMN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,386 shares of the scientific and technical instruments company's stock, valued at approximately $518,000.

A number of other large investors have also modified their holdings of GRMN. Aster Capital Management DIFC Ltd increased its position in shares of Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after acquiring an additional 121 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Garmin by 67.7% in the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock valued at $43,000 after acquiring an additional 84 shares in the last quarter. Investment Management Corp VA ADV bought a new position in Garmin during the 4th quarter valued at $46,000. Measured Risk Portfolios Inc. bought a new position in Garmin during the 4th quarter valued at $47,000. Finally, Larson Financial Group LLC grew its holdings in Garmin by 26.8% during the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company's stock worth $50,000 after acquiring an additional 51 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Stock Down 0.8%

GRMN stock traded down $1.71 during midday trading on Tuesday, reaching $202.21. The company had a trading volume of 95,812 shares, compared to its average volume of 957,852. The firm has a market capitalization of $38.93 billion, a PE ratio of 27.66, a P/E/G ratio of 1.36 and a beta of 0.98. The stock has a 50 day moving average price of $198.04 and a 200 day moving average price of $207.82. 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 released its quarterly earnings data 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 net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.78%. Garmin's dividend payout ratio is currently 47.37%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays reduced their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley lifted their target price on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research report on Thursday, May 1st. Tigress Financial upped their price target on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average 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.