Penserra Capital Management LLC Sells 3,338 Shares of Garmin Ltd. (NYSE:GRMN)

Penserra Capital Management LLC lowered its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 22.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,847 shares of the scientific and technical instruments company's stock after selling 3,338 shares during the period. Penserra Capital Management LLC's holdings in Garmin were worth $2,572,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of GRMN. Aster Capital Management DIFC Ltd increased its holdings in shares of Garmin by 864.3% in 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 buying an additional 121 shares during the period. TFC Financial Management Inc. increased its holdings in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 147 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Garmin in the first quarter worth about $34,000. Garde Capital Inc. purchased a new position in Garmin during the 1st quarter valued at about $40,000. Finally, Olde Wealth Management LLC purchased a new position in Garmin during the 1st quarter valued at about $43,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

GRMN stock opened at $214.30 on Tuesday. Garmin Ltd. has a fifty-two week low of $160.71 and a fifty-two week high of $246.50. The business's 50 day moving average price is $202.15 and its two-hundred day moving average price is $206.98. The company has a market capitalization of $41.26 billion, a price-to-earnings ratio of 28.20, a price-to-earnings-growth ratio of 2.41 and a beta of 0.97.

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

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.68%. Garmin's dividend payout ratio (DPR) is 47.37%.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 19.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Barclays reduced their price target on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Morgan Stanley boosted their price target on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. reduced their price target on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Two equities 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. According to data from MarketBeat.com, Garmin presently has an average rating of "Hold" and a consensus 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.

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