SG Americas Securities LLC Reduces Holdings in Garmin Ltd. (NYSE:GRMN)

SG Americas Securities LLC trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 6.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,501 shares of the scientific and technical instruments company’s stock after selling 7,775 shares during the period. SG Americas Securities LLC owned about 0.06% of Garmin worth $25,513,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GRMN. Golden State Wealth Management LLC acquired a new stake in Garmin during the fourth quarter worth approximately $26,000. Aster Capital Management DIFC Ltd boosted its position in Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 121 shares during the last quarter. Kentucky Trust Co acquired a new stake in Garmin during the fourth quarter worth approximately $41,000. Venturi Wealth Management LLC boosted its position in Garmin by 67.7% during the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock worth $43,000 after acquiring an additional 84 shares during the last quarter. Finally, Investment Management Corp VA ADV acquired a new stake in Garmin during the fourth quarter worth approximately $46,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Up 0.8%

Shares of GRMN opened at $210.05 on Wednesday. The firm has a market cap of $40.44 billion, a PE ratio of 28.73, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The company’s fifty day moving average is $195.70 and its two-hundred day moving average is $208.06. Garmin Ltd. has a fifty-two week low of $158.38 and a fifty-two week high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 EPS. As a group, equities research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.71%. Garmin’s dividend payout ratio is presently 47.37%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Tigress Financial raised their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, February 26th. Morgan Stanley raised 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 target price 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 issued a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, Garmin currently has an average rating of “Hold” and an average target price of $206.00.

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.