Teamwork Financial Advisors LLC Grows Position in Garmin Ltd. (NYSE:GRMN)

Teamwork Financial Advisors LLC grew its holdings in Garmin Ltd. (NYSE:GRMN) by 2.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,975 shares of the scientific and technical instruments company’s stock after buying an additional 141 shares during the period. Teamwork Financial Advisors LLC’s holdings in Garmin were worth $741,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GRMN. Marshall Financial Group LLC boosted its stake in Garmin by 7.5% during the first quarter. Marshall Financial Group LLC now owns 16,007 shares of the scientific and technical instruments company’s stock worth $2,383,000 after buying an additional 1,117 shares during the last quarter. Insight Folios Inc grew its holdings in shares of Garmin by 3.5% in the first quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock valued at $412,000 after purchasing an additional 93 shares during the period. Norden Group LLC acquired a new stake in Garmin during the first quarter worth about $847,000. Denali Advisors LLC purchased a new position in Garmin during the first quarter worth about $179,000. Finally, Azzad Asset Management Inc. ADV boosted its holdings in Garmin by 1.4% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 26,859 shares of the scientific and technical instruments company’s stock valued at $3,998,000 after purchasing an additional 359 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Garmin Trading Down 0.2 %

Garmin stock traded down $0.34 during midday trading on Thursday, reaching $161.15. 442,550 shares of the stock traded hands, compared to its average volume of 609,054. The firm has a market cap of $30.95 billion, a PE ratio of 22.73, a price-to-earnings-growth ratio of 3.48 and a beta of 0.98. The company has a 50-day simple moving average of $163.06 and a two-hundred day simple moving average of $143.98. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $171.64.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm earned $1.02 EPS. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. Equities research analysts anticipate that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Dividend Announcement

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

Insider Buying and Selling

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

Analysts Set New Price Targets

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

About Garmin

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.