OneDigital Investment Advisors LLC Cuts Stake in Garmin Ltd. (NYSE:GRMN)

OneDigital Investment Advisors LLC decreased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 35.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,830 shares of the scientific and technical instruments company's stock after selling 2,698 shares during the period. OneDigital Investment Advisors LLC's holdings in Garmin were worth $1,049,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GRMN. Avantax Planning Partners Inc. lifted its holdings in shares of Garmin by 8.5% in the first quarter. Avantax Planning Partners Inc. now owns 2,137 shares of the scientific and technical instruments company's stock worth $464,000 after buying an additional 167 shares in the last quarter. Barlow Wealth Partners Inc. lifted its holdings in shares of Garmin by 1.3% in the first quarter. Barlow Wealth Partners Inc. now owns 72,512 shares of the scientific and technical instruments company's stock worth $14,427,000 after buying an additional 910 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Garmin by 1.2% in the first quarter. D.A. Davidson & CO. now owns 29,608 shares of the scientific and technical instruments company's stock worth $6,429,000 after buying an additional 356 shares in the last quarter. Baskin Financial Services Inc. lifted its holdings in shares of Garmin by 0.6% in the first quarter. Baskin Financial Services Inc. now owns 149,891 shares of the scientific and technical instruments company's stock worth $32,546,000 after buying an additional 934 shares in the last quarter. Finally, Novem Group increased its position in Garmin by 34.9% in the first quarter. Novem Group now owns 6,453 shares of the scientific and technical instruments company's stock worth $1,401,000 after purchasing an additional 1,670 shares during the last quarter. Institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

NYSE GRMN traded down $2.05 during trading hours on Friday, reaching $215.75. The stock had a trading volume of 652,142 shares, compared to its average volume of 908,199. The stock has a fifty day moving average of $203.56 and a 200 day moving average of $207.16. The stock has a market cap of $41.54 billion, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 2.43 and a beta of 0.97. 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 announced its earnings results 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 22.76% and a return on equity of 19.21%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter last year, the business earned $1.42 EPS. The company's quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.67%. Garmin's dividend payout ratio (DPR) is presently 47.37%.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Barclays lowered their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Finally, Morgan Stanley upped their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Garmin has a consensus rating of "Hold" and an average target price of $206.00.

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.