Oppenheimer Asset Management Inc. Invests $1.38 Million in Garmin Ltd. (NYSE:GRMN)

Oppenheimer Asset Management Inc. purchased a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,369 shares of the scientific and technical instruments company's stock, valued at approximately $1,383,000.

A number of other institutional investors have also added to or reduced their stakes in GRMN. Quantbot Technologies LP purchased a new stake in shares of Garmin in the 4th quarter worth about $127,000. Wealth Enhancement Advisory Services LLC boosted its stake in Garmin by 46.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 28,543 shares in the last quarter. US Bancorp DE grew its holdings in Garmin by 14.4% in the fourth quarter. US Bancorp DE now owns 8,521 shares of the scientific and technical instruments company's stock worth $1,758,000 after purchasing an additional 1,074 shares during the period. Korea Investment CORP increased its stake in shares of Garmin by 7.6% during the fourth quarter. Korea Investment CORP now owns 73,265 shares of the scientific and technical instruments company's stock valued at $15,112,000 after purchasing an additional 5,200 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Garmin by 4.9% during the fourth quarter. American Century Companies Inc. now owns 60,280 shares of the scientific and technical instruments company's stock valued at $12,433,000 after purchasing an additional 2,841 shares during the last quarter. Institutional investors own 81.60% of the company's stock.

Insider Activity

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the transaction, the chief executive officer now owns 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.38% of the stock is owned by corporate insiders.

Garmin Stock Performance

Shares of NYSE:GRMN traded up $3.34 during trading on Friday, reaching $208.49. 1,109,822 shares of the stock traded hands, compared to its average volume of 903,823. The stock has a market cap of $40.14 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 2.34 and a beta of 0.98. The stock has a 50-day moving average of $200.06 and a two-hundred day moving average of $206.95. Garmin Ltd. has a 52-week low of $158.90 and a 52-week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a net margin of 22.76% and a return on equity of 19.21%. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.42 earnings per share. Sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders 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 1.73%. Garmin's dividend payout ratio is presently 47.37%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GRMN shares. Morgan Stanley upped their price target on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. dropped their target price on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Barclays reduced their price target on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. Two investment 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 stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.