Trajan Wealth LLC Grows Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Key Points

• Trajan Wealth LLC increased its stake in Garmin Ltd. (NYSE: GRMN) by 3.9%, now holding approximately 91,639 shares valued at about $19.9 million, making it the 23rd largest holding in their portfolio.
• Garmin reported better-than-expected earnings of $2.17 EPS for the last quarter, surpassing analyst expectations and indicating a 20.4% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.90, scheduled for payment on September 26th, reflecting an annualized yield of 1.6% and a payout ratio of 44.39%.

Trajan Wealth LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 3.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,639 shares of the scientific and technical instruments company's stock after purchasing an additional 3,477 shares during the period. Garmin makes up approximately 1.1% of Trajan Wealth LLC's holdings, making the stock its 23rd largest holding. Trajan Wealth LLC's holdings in Garmin were worth $19,898,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Public Sector Pension Investment Board grew its holdings in shares of Garmin by 8.8% during the 1st quarter. Public Sector Pension Investment Board now owns 20,885 shares of the scientific and technical instruments company's stock valued at $4,535,000 after purchasing an additional 1,696 shares during the last quarter. Meridian Wealth Management LLC bought a new position in shares of Garmin during the 1st quarter valued at $328,000. Independent Advisor Alliance grew its holdings in shares of Garmin by 856.3% during the 1st quarter. Independent Advisor Alliance now owns 21,478 shares of the scientific and technical instruments company's stock valued at $4,663,000 after purchasing an additional 19,232 shares during the last quarter. Nuveen LLC bought a new position in shares of Garmin during the 1st quarter valued at $78,900,000. Finally, Aigen Investment Management LP bought a new position in shares of Garmin during the 1st quarter valued at $758,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Activity

In other news, CFO Douglas G. Boessen sold 1,859 shares of the firm'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 completion of the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief executive officer directly 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 disclosure for this sale can be found here. Company insiders own 19.54% of the company's stock.

Garmin Stock Down 1.4%

Shares of GRMN opened at $229.06 on Tuesday. The stock has a market capitalization of $44.09 billion, a P/E ratio of 28.24, a PEG ratio of 2.58 and a beta of 0.99. The firm has a fifty day simple moving average of $215.82 and a two-hundred day simple moving average of $209.50. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period last year, the company posted $1.58 EPS. The company's quarterly revenue was up 20.4% compared to the same quarter last year. Sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.6%. Garmin's dividend payout ratio is 44.39%.

Analyst Ratings Changes

Several equities research analysts have weighed in on GRMN shares. JPMorgan Chase & Co. increased their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Barclays reissued an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Morgan Stanley increased their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Two 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 stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and an average target price of $222.00.

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.

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