Garmin Ltd. (NYSE:GRMN) Shares Sold by Peterson Wealth Services

Peterson Wealth Services lowered its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 10.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,832 shares of the scientific and technical instruments company's stock after selling 2,005 shares during the period. Garmin accounts for about 1.2% of Peterson Wealth Services' holdings, making the stock its 25th largest holding. Peterson Wealth Services' holdings in Garmin were worth $3,872,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. William Allan Corp raised its holdings in Garmin by 4.4% during the first quarter. William Allan Corp now owns 9,582 shares of the scientific and technical instruments company's stock valued at $2,081,000 after acquiring an additional 403 shares during the period. Los Angeles Capital Management LLC raised its holdings in Garmin by 114.3% during the first quarter. Los Angeles Capital Management LLC now owns 213,369 shares of the scientific and technical instruments company's stock valued at $46,329,000 after acquiring an additional 113,820 shares during the period. Lindbrook Capital LLC raised its holdings in Garmin by 58.6% during the first quarter. Lindbrook Capital LLC now owns 801 shares of the scientific and technical instruments company's stock valued at $174,000 after acquiring an additional 296 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Garmin by 3.0% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 11,807 shares of the scientific and technical instruments company's stock valued at $2,563,000 after acquiring an additional 344 shares during the period. Finally, Atlantic Union Bankshares Corp raised its holdings in Garmin by 3.3% during the first quarter. Atlantic Union Bankshares Corp now owns 42,696 shares of the scientific and technical instruments company's stock valued at $9,271,000 after acquiring an additional 1,345 shares during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Price Performance

Shares of NYSE:GRMN traded up $1.65 on Tuesday, reaching $227.80. The company's stock had a trading volume of 590,146 shares, compared to its average volume of 906,877. The stock's 50-day moving average is $207.24 and its two-hundred day moving average is $207.65. Garmin Ltd. has a 52-week low of $160.71 and a 52-week high of $246.50. The stock has a market capitalization of $43.86 billion, a P/E ratio of 29.97, a PEG ratio of 2.55 and a beta of 0.97.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly 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 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 analyst estimates of $1.50 billion. During the same quarter last year, the firm earned $1.42 earnings per share. The company's revenue was up 11.1% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.58%. Garmin's dividend payout ratio is presently 47.37%.

Analyst Upgrades and Downgrades

GRMN has been the subject of several research analyst reports. Morgan Stanley lifted their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday, May 1st. Barclays decreased their price target 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, JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $214.75.

Insider Activity at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred 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 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 disclosure for this sale can be found here. 15.38% of the stock is owned by corporate insiders.

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.