Garmin Ltd. (NYSE:GRMN) Stake Reduced by Tealwood Asset Management Inc.

Tealwood Asset Management Inc. lessened its holdings in shares of Garmin Ltd. (NYSE:GRMNFree Report) by 24.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 15,605 shares of the scientific and technical instruments company’s stock after selling 5,081 shares during the quarter. Garmin comprises approximately 1.0% of Tealwood Asset Management Inc.’s holdings, making the stock its 29th largest position. Tealwood Asset Management Inc.’s holdings in Garmin were worth $2,323,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GRMN. Wetzel Investment Advisors Inc. acquired a new position in Garmin during the 4th quarter worth $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Garmin in the fourth quarter valued at $33,000. Headinvest LLC acquired a new stake in shares of Garmin in the third quarter valued at $41,000. Blue Trust Inc. lifted its holdings in shares of Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after buying an additional 99 shares during the period. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Garmin in the fourth quarter valued at $51,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Stock Up 0.9 %

Shares of GRMN stock traded up $1.49 during mid-day trading on Friday, reaching $161.45. The stock had a trading volume of 1,347,905 shares, compared to its average volume of 563,615. The firm’s 50 day simple moving average is $159.47 and its 200 day simple moving average is $141.72. Garmin Ltd. has a one year low of $99.61 and a one year high of $171.64. The firm has a market cap of $31.01 billion, a PE ratio of 22.77, a P/E/G ratio of 3.45 and a beta of 0.98.

Garmin (NYSE:GRMNGet Free Report) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the firm posted $1.02 EPS. Garmin’s quarterly revenue was up 20.4% compared to the same quarter last year. Sell-side analysts forecast that Garmin Ltd. will post 5.77 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.86%. Garmin’s dividend payout ratio (DPR) is currently 42.31%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Tigress Financial upped their target price on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, May 14th. Barclays increased their price objective on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Finally, Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $156.83.

Read Our Latest Stock Analysis on GRMN

Insider Activity

In other news, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the sale, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the transaction, the executive vice president now directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the transaction, the chief financial officer now owns 28,010 shares in the company, valued at $4,527,256.30. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

Garmin Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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