DB Fitzpatrick & Co Inc Has $699,000 Stock Position in Garmin Ltd. (NYSE:GRMN)

DB Fitzpatrick & Co Inc lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 30.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,291 shares of the scientific and technical instruments company’s stock after selling 1,869 shares during the quarter. DB Fitzpatrick & Co Inc’s holdings in Garmin were worth $699,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new position in shares of Garmin during the fourth quarter worth about $8,691,000. Sequoia Financial Advisors LLC bought a new position in Garmin in the fourth quarter valued at $413,000. Cerity Partners LLC lifted its position in Garmin by 5.9% during the 4th quarter. Cerity Partners LLC now owns 36,854 shares of the scientific and technical instruments company’s stock worth $4,737,000 after buying an additional 2,060 shares in the last quarter. Simplicity Solutions LLC boosted its stake in shares of Garmin by 104.6% during the 4th quarter. Simplicity Solutions LLC now owns 4,477 shares of the scientific and technical instruments company’s stock worth $575,000 after buying an additional 2,289 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of Garmin in the 4th quarter valued at about $1,195,000. 73.41% of the stock is currently owned by institutional investors.

Garmin Price Performance

NYSE:GRMN traded up $0.97 during trading hours on Thursday, hitting $170.97. The company’s stock had a trading volume of 727,227 shares, compared to its average volume of 852,844. The company has a market capitalization of $32.84 billion, a P/E ratio of 24.11, a PEG ratio of 3.55 and a beta of 0.98. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $179.76. The stock has a fifty day simple moving average of $166.07 and a 200-day simple moving average of $152.97.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the company earned $1.45 EPS. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities analysts predict that Garmin Ltd. will post 6 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.75 per share. 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 1.75%. Garmin’s dividend payout ratio is currently 42.31%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

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

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.