Victory Capital Management Inc. Sells 8,931 Shares of Garmin Ltd. (NYSE:GRMN)

Victory Capital Management Inc. lowered its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,205 shares of the scientific and technical instruments company's stock after selling 8,931 shares during the quarter. Victory Capital Management Inc. owned about 0.07% of Garmin worth $27,837,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of GRMN. Aster Capital Management DIFC Ltd lifted its position in Garmin by 864.3% during the 4th 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 in the last quarter. TFC Financial Management Inc. lifted its position in Garmin by 1,633.3% during 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 purchasing an additional 147 shares during the period. Wayfinding Financial LLC acquired a new position in Garmin during the 1st quarter valued at about $34,000. Garde Capital Inc. acquired a new position in Garmin during the 1st quarter valued at about $40,000. Finally, Olde Wealth Management LLC acquired a new position in Garmin during the 1st quarter valued at about $43,000. Institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on GRMN shares. JPMorgan Chase & Co. boosted 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. Barclays reduced their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, Morgan Stanley upped their price objective on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $214.75.

Garmin Stock Down 0.6%

Garmin stock opened at $226.42 on Tuesday. The business has a 50-day simple moving average of $207.24 and a two-hundred day simple moving average of $207.65. The company has a market cap of $43.59 billion, a P/E ratio of 29.79, a P/E/G ratio of 2.55 and a beta of 0.97. Garmin Ltd. has a 52-week low of $160.71 and a 52-week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 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 business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the firm posted $1.42 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.59%. Garmin's dividend payout ratio (DPR) is presently 47.37%.

Insiders Place Their Bets

In related news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer 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 filing with the SEC, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

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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