Turtle Creek Wealth Advisors LLC Takes $5.34 Million Position in Garmin Ltd. (NYSE:GRMN)

Turtle Creek Wealth Advisors LLC bought a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 24,608 shares of the scientific and technical instruments company's stock, valued at approximately $5,343,000.

A number of other institutional investors have also modified their holdings of GRMN. Aster Capital Management DIFC Ltd increased its stake in Garmin by 864.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $28,000 after buying an additional 121 shares during the period. TFC Financial Management Inc. increased its stake in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after buying an additional 147 shares during the period. Wayfinding Financial LLC acquired a new position in Garmin in the 1st quarter valued at $34,000. Garde Capital Inc. acquired a new position in Garmin in the 1st quarter valued at $40,000. Finally, Olde Wealth Management LLC acquired a new position in Garmin in the 1st quarter valued at $43,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the company'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 transaction, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. This represents a 6.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Down 0.5%

Shares of Garmin stock traded down $1.05 on Tuesday, hitting $216.37. The company's stock had a trading volume of 103,797 shares, compared to its average volume of 951,450. Garmin Ltd. has a 52-week low of $160.71 and a 52-week high of $246.50. The firm has a fifty day moving average price of $204.59 and a 200-day moving average price of $207.19. The company has a market capitalization of $41.66 billion, a P/E ratio of 28.47, a price-to-earnings-growth ratio of 2.42 and a beta of 0.97.

Garmin (NYSE:GRMN - Get Free Report) last released 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 firm had revenue of $1.54 billion during 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%. Garmin's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $1.42 earnings per share. As a group, analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

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 $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.66%. Garmin's dividend payout ratio (DPR) is 47.37%.

Wall Street Analyst Weigh In

GRMN has been the topic of several research analyst reports. Morgan Stanley boosted their target price 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. Barclays decreased their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Two investment 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 company. Based on data from MarketBeat, the stock has a consensus 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.