HighTower Advisors LLC cut its holdings in Garmin Ltd. (NYSE:GRMN – Get Rating) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 36,643 shares of the scientific and technical instruments company’s stock after selling 4,289 shares during the quarter. HighTower Advisors LLC’s holdings in Garmin were worth $4,346,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new stake in shares of Garmin in the first quarter valued at $26,000. HWG Holdings LP acquired a new stake in shares of Garmin in the fourth quarter valued at $35,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Garmin in the first quarter valued at $45,000. Tradewinds Capital Management LLC increased its position in Garmin by 33.3% in the first quarter. Tradewinds Capital Management LLC now owns 400 shares of the scientific and technical instruments company’s stock worth $47,000 after purchasing an additional 100 shares during the period. Finally, Focused Wealth Management Inc acquired a new stake in Garmin in the first quarter worth about $71,000. 62.50% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts recently commented on GRMN shares. Morgan Stanley lowered their price objective on Garmin from $127.00 to $115.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 14th. Tigress Financial lowered their price objective on Garmin from $208.00 to $165.00 and set a “strong-buy” rating for the company in a research report on Friday, August 5th. Bank of America lowered Garmin from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $137.00 to $109.00 in a research report on Tuesday, August 2nd. Finally, TheStreet lowered Garmin from a “b” rating to a “c+” rating in a research report on Wednesday, July 27th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $134.75.
Garmin Trading Down 1.0 %
Garmin (NYSE:GRMN – Get Rating) last issued its earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.02. Garmin had a return on equity of 17.71% and a net margin of 20.31%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the business earned $1.68 earnings per share. The company’s revenue was down 6.5% compared to the same quarter last year. As a group, equities analysts forecast that Garmin Ltd. will post 4.9 EPS for the current year.
Garmin Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Tuesday, March 14th. Garmin’s dividend payout ratio (DPR) is presently 55.73%.
In other news, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the transaction, the chief executive officer now owns 145,500 shares in the company, valued at approximately $14,231,355. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 20.34% of the stock is currently owned by company insiders.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
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