Wahed Invest LLC Lowers Stock Position in Garmin Ltd. (NYSE:GRMN)

Wahed Invest LLC lowered its position in Garmin Ltd. (NYSE:GRMN) by 39.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,010 shares of the scientific and technical instruments company’s stock after selling 1,992 shares during the period. Wahed Invest LLC’s holdings in Garmin were worth $448,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dorsey & Whitney Trust CO LLC boosted its position in Garmin by 3.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after purchasing an additional 73 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in Garmin by 17.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after purchasing an additional 81 shares during the period. 1620 Investment Advisors Inc. boosted its position in Garmin by 4.0% during the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after purchasing an additional 84 shares during the period. Greenleaf Trust boosted its position in Garmin by 2.5% during the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after purchasing an additional 87 shares during the period. Finally, Insight Folios Inc boosted its position in Garmin by 3.5% during the first quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock worth $412,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the sale, the chief financial officer now owns 28,010 shares in the company, valued at $4,527,256.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the sale, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Analysts Set New Price Targets

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

Garmin Trading Down 1.6 %

Shares of GRMN stock traded down $2.76 during trading hours on Friday, hitting $168.30. 943,208 shares of the company’s stock were exchanged, compared to its average volume of 859,448. The company has a market capitalization of $32.33 billion, a PE ratio of 23.77, a PEG ratio of 3.55 and a beta of 0.98. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $179.76. The business’s 50 day simple moving average is $165.45 and its 200-day simple moving average is $150.17.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.17%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the firm posted $1.45 earnings per share. The business’s revenue was up 14.3% compared to the same quarter last year. Equities analysts anticipate that Garmin Ltd. will post 6 EPS for the current year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s payout ratio is 42.31%.

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.