Stifel Financial Corp Lowers Holdings in Garmin Ltd. (NYSE:GRMN)

Stifel Financial Corp cut its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 19.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,273 shares of the scientific and technical instruments company's stock after selling 7,114 shares during the period. Stifel Financial Corp's holdings in Garmin were worth $6,039,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Passumpsic Savings Bank purchased a new position in shares of Garmin during the third quarter worth approximately $3,137,000. Virtu Financial LLC purchased a new position in Garmin during the 3rd quarter worth $501,000. Wilmington Savings Fund Society FSB bought a new stake in Garmin during the 3rd quarter valued at $185,000. Franklin Resources Inc. lifted its holdings in shares of Garmin by 35.8% in the 3rd quarter. Franklin Resources Inc. now owns 135,477 shares of the scientific and technical instruments company's stock worth $22,755,000 after buying an additional 35,703 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Garmin by 3.1% during the 3rd quarter. Principal Financial Group Inc. now owns 199,713 shares of the scientific and technical instruments company's stock worth $35,155,000 after buying an additional 5,965 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Trading Down 0.7 %

Shares of Garmin stock traded down $1.28 during trading hours on Monday, reaching $190.50. The stock had a trading volume of 110,301 shares, compared to its average volume of 1,014,835. The stock's 50 day moving average is $203.74 and its 200 day moving average is $206.95. Garmin Ltd. has a twelve month low of $158.38 and a twelve month high of $246.50. The firm has a market capitalization of $36.70 billion, a PE ratio of 26.06, a PEG ratio of 1.36 and a beta of 0.99.

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). 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 19.31% and a net margin of 22.42%. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.42 EPS. As a group, sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.89%. Garmin's dividend payout ratio (DPR) is currently 47.37%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday. Tigress Financial increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. Morgan Stanley boosted their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research note on Thursday. Finally, Barclays dropped their target price on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Three equities research 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 company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $194.80.

Insider Buying and Selling at Garmin

In other Garmin news, Director Matthew Munn sold 4,637 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $225.31, for a total value of $1,044,762.47. Following the transaction, the director now directly owns 11,450 shares of the company's stock, valued at $2,579,799.50. This trade represents a 28.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Susan Lyman sold 2,829 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the sale, the vice president now owns 8,432 shares of the company's stock, valued at $1,817,180.32. This trade represents a 25.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock valued at $5,486,094 over the last quarter. 19.54% of the stock is currently owned by insiders.

Garmin 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.