Allspring Global Investments Holdings LLC Sells 578 Shares of Garmin Ltd. (NYSE:GRMN)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,516 shares of the scientific and technical instruments company’s stock after selling 578 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Garmin were worth $2,608,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. bought a new stake in Garmin during the 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Garmin in the 4th quarter valued at $33,000. Blue Trust Inc. boosted its stake in shares of Garmin by 35.2% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after purchasing an additional 99 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Garmin in the 4th quarter valued at $51,000. Finally, Headinvest LLC acquired a new position in shares of Garmin during the 3rd quarter valued at $41,000. 73.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Garmin

In related news, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were 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 owns 28,010 shares in the company, valued at $4,527,256.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the transaction, the executive vice president now owns 58,412 shares in the company, valued at $9,551,530.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of Garmin 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 transaction, the chief financial officer now owns 28,010 shares of the company’s stock, 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.

Garmin Trading Up 0.2 %

GRMN opened at $161.49 on Wednesday. The company’s fifty day moving average price is $162.34 and its two-hundred day moving average price is $143.74. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $171.64. The company has a market cap of $31.02 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 3.51 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the firm earned $1.02 earnings per share. The firm’s revenue was up 20.4% on a year-over-year basis. As a group, equities analysts forecast that Garmin Ltd. will post 5.77 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The company also recently declared 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. 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 payout ratio is currently 42.31%.

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.