Silver Lake Advisory LLC Reduces Holdings in Garmin Ltd. (NYSE:GRMN)

Silver Lake Advisory LLC decreased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 34.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,609 shares of the scientific and technical instruments company's stock after selling 9,838 shares during the quarter. Garmin comprises about 1.8% of Silver Lake Advisory LLC's holdings, making the stock its 20th largest position. Silver Lake Advisory LLC's holdings in Garmin were worth $4,041,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its position in Garmin by 31.3% during the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after buying an additional 463 shares during the period. Truist Financial Corp lifted its stake in shares of Garmin by 277.1% in the 4th quarter. Truist Financial Corp now owns 19,898 shares of the scientific and technical instruments company's stock valued at $4,104,000 after purchasing an additional 14,621 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Garmin by 67.7% during the 4th quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock worth $43,000 after purchasing an additional 84 shares during the period. Global Retirement Partners LLC increased its position in Garmin by 79.0% during the 4th quarter. Global Retirement Partners LLC now owns 940 shares of the scientific and technical instruments company's stock worth $194,000 after purchasing an additional 415 shares in the last quarter. Finally, Howard Capital Management Inc. purchased a new position in Garmin in the fourth quarter valued at approximately $226,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GRMN shares. JPMorgan Chase & Co. dropped their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Morgan Stanley upped their price target on shares of 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 target price on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, February 26th. Finally, Barclays lowered their target price on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Garmin has a consensus rating of "Hold" and a consensus price target of $206.00.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction 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 now directly owns 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 19.54% of the company's stock.

Garmin Price Performance

Garmin stock opened at $205.22 on Wednesday. Garmin Ltd. has a 12-month low of $158.90 and a 12-month high of $246.50. The company has a market capitalization of $39.51 billion, a price-to-earnings ratio of 27.00, a price-to-earnings-growth ratio of 2.26 and a beta of 0.98. The firm's fifty day moving average price is $199.13 and its 200 day moving average price is $207.24.

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). The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a return on equity of 19.21% and a net margin of 22.76%. The firm's revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.42 earnings per share. Analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.75%. Garmin's payout ratio is currently 47.37%.

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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