Valicenti Advisory Services Inc. Has $3.14 Million Stake in Garmin Ltd. (NYSE:GRMN)

Valicenti Advisory Services Inc. trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,479 shares of the scientific and technical instruments company’s stock after selling 195 shares during the quarter. Valicenti Advisory Services Inc.’s holdings in Garmin were worth $3,144,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of 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 purchasing an additional 121 shares during the period. Garde Capital Inc. acquired a new position in Garmin during the 1st quarter worth about $40,000. Venturi Wealth Management LLC lifted its holdings in Garmin by 67.7% during the 4th quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock worth $43,000 after buying an additional 84 shares during the period. Investment Management Corp VA ADV acquired a new position in Garmin during the 4th quarter worth about $46,000. Finally, Measured Risk Portfolios Inc. acquired a new position in Garmin during the 4th quarter worth about $47,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of NYSE:GRMN opened at $205.22 on Wednesday. Garmin Ltd. has a 1 year low of $158.90 and a 1 year high of $246.50. The business’s 50-day moving average is $199.13 and its 200-day moving average is $207.24. The company has a market capitalization of $39.51 billion, a price-to-earnings ratio of 27.00, a P/E/G ratio of 2.26 and a beta of 0.98.

Garmin (NYSE:GRMN) 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 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 period last year, the firm posted $1.42 earnings per share. Garmin’s quarterly revenue was up 11.1% compared to the same quarter last year. Analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 16th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.75%. Garmin’s payout ratio is presently 47.37%.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,899 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the transaction, the chief executive officer now directly owns 141,626 shares of the company’s stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price objective on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research note on Thursday, May 1st. Barclays cut their price objective on Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 30th. Tigress Financial boosted their price target 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. Finally, JPMorgan Chase & Co. dropped 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. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and an average target price 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.