GHP Investment Advisors Inc. Sells 1,304 Shares of Garmin Ltd. (NYSE:GRMN)

GHP Investment Advisors Inc. reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,078 shares of the scientific and technical instruments company’s stock after selling 1,304 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Garmin were worth $13,696,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Garmin in the 4th quarter worth approximately $396,184,000. GAMMA Investing LLC raised its position in Garmin by 25,047.9% in the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company’s stock valued at $192,259,000 after purchasing an additional 881,935 shares during the last quarter. Congress Asset Management Co. boosted its stake in Garmin by 673.4% in the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company’s stock worth $95,823,000 after purchasing an additional 384,258 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Garmin by 20.2% during the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock worth $352,394,000 after purchasing an additional 286,765 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Garmin by 164.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company’s stock valued at $82,121,000 after buying an additional 247,726 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction that occurred 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 now directly owns 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Up 0.9%

Garmin stock opened at $201.86 on Tuesday. The company has a market cap of $38.87 billion, a PE ratio of 26.56, a PEG ratio of 2.24 and a beta of 0.98. Garmin Ltd. has a 1 year low of $158.90 and a 1 year high of $246.50. The company’s 50-day moving average is $198.87 and its two-hundred day moving average is $207.25.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.76% and a return on equity of 19.21%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company earned $1.42 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. Research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.78%. Garmin’s dividend payout ratio is currently 47.37%.

Analyst Ratings Changes

GRMN has been the topic of several research reports. JPMorgan Chase & Co. reduced their price target 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. Morgan Stanley upped 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 price target on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 30th. Finally, Tigress Financial boosted their price objective 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. Two equities research 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’s stock. According to data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus price target of $206.00.

Garmin Company 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.