Gulf International Bank UK Ltd Raises Stake in Garmin Ltd. (NYSE:GRMN)

Gulf International Bank UK Ltd boosted its position in Garmin Ltd. (NYSE:GRMN) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,268 shares of the scientific and technical instruments company’s stock after buying an additional 108 shares during the period. Gulf International Bank UK Ltd’s holdings in Garmin were worth $1,975,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its position in Garmin by 213.5% in the 4th quarter. Pacer Advisors Inc. now owns 41,557 shares of the scientific and technical instruments company’s stock worth $5,342,000 after purchasing an additional 28,301 shares in the last quarter. Peterson Wealth Services purchased a new stake in Garmin in the 4th quarter worth approximately $2,365,000. Envestnet Asset Management Inc. boosted its position in Garmin by 42.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 125,389 shares of the scientific and technical instruments company’s stock worth $13,191,000 after purchasing an additional 37,532 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Garmin in the 4th quarter worth approximately $8,691,000. Finally, Natixis Advisors L.P. boosted its position in Garmin by 30.0% in the 4th quarter. Natixis Advisors L.P. now owns 30,041 shares of the scientific and technical instruments company’s stock worth $3,861,000 after purchasing an additional 6,939 shares in the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Wall Street Analyst Weigh In

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

Garmin Stock Performance

NYSE GRMN opened at $161.45 on Friday. The business has a fifty day moving average price of $159.47 and a 200 day moving average price of $141.84. Garmin Ltd. has a one year low of $99.61 and a one year high of $171.64. The company has a market cap of $31.01 billion, a P/E ratio of 22.77, a P/E/G ratio of 3.45 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the company earned $1.02 EPS. The firm’s revenue was up 20.4% compared to the same quarter last year. As a group, sell-side analysts predict that Garmin Ltd. will post 5.77 EPS for the current fiscal year.

Garmin Dividend Announcement

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

Insiders Place Their Bets

In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value 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 can be accessed through this hyperlink. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value 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 can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.

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.