AGF Management Ltd. Lowers Position in Garmin Ltd. (NYSE:GRMN)

AGF Management Ltd. cut its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 67.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,479 shares of the scientific and technical instruments company’s stock after selling 180,910 shares during the quarter. AGF Management Ltd.’s holdings in Garmin were worth $14,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Clearstead Trust LLC purchased a new position in Garmin during the 1st quarter valued at about $30,000. Frazier Financial Advisors LLC purchased a new position in Garmin during the 4th quarter valued at about $33,000. Family Firm Inc. purchased a new position in Garmin during the 2nd quarter valued at about $35,000. Headlands Technologies LLC purchased a new position in Garmin during the 2nd quarter valued at about $46,000. Finally, West Oak Capital LLC purchased a new position in Garmin during the 2nd quarter valued at about $53,000. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GRMN. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin has a consensus rating of “Hold” and a consensus price target of $156.83.

Garmin Price Performance

GRMN stock opened at $182.85 on Thursday. The firm has a market capitalization of $35.12 billion, a P/E ratio of 25.79, a P/E/G ratio of 3.12 and a beta of 1.00. The business’s 50-day moving average is $173.15 and its two-hundred day moving average is $160.72. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $184.42.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. Garmin’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.45 EPS. On average, analysts expect that Garmin Ltd. will post 6.05 EPS for the current year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio (DPR) is presently 42.31%.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,892 shares of company stock valued at $2,296,174. Corporate insiders own 19.54% of the company’s stock.

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.