IFP Advisors Inc Sells 169 Shares of Garmin Ltd. (NYSE:GRMN)

IFP Advisors Inc cut its holdings in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 18.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 760 shares of the scientific and technical instruments company’s stock after selling 169 shares during the period. IFP Advisors Inc’s holdings in Garmin were worth $37,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GRMN. Vanguard Group Inc. lifted its stake in shares of Garmin by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,791,804 shares of the scientific and technical instruments company’s stock valued at $1,428,861,000 after acquiring an additional 115,941 shares during the last quarter. BlackRock Inc. increased its holdings in Garmin by 1.6% in the third quarter. BlackRock Inc. now owns 14,457,126 shares of the scientific and technical instruments company’s stock valued at $1,161,051,000 after purchasing an additional 230,945 shares during the period. Artisan Partners Limited Partnership increased its holdings in Garmin by 7.7% in the third quarter. Artisan Partners Limited Partnership now owns 6,922,720 shares of the scientific and technical instruments company’s stock valued at $555,964,000 after purchasing an additional 492,576 shares during the period. State Street Corp increased its holdings in Garmin by 5.5% in the third quarter. State Street Corp now owns 6,798,228 shares of the scientific and technical instruments company’s stock valued at $545,971,000 after purchasing an additional 355,087 shares during the period. Finally, First Trust Advisors LP increased its holdings in Garmin by 213.1% in the third quarter. First Trust Advisors LP now owns 2,501,507 shares of the scientific and technical instruments company’s stock valued at $200,896,000 after purchasing an additional 1,702,480 shares during the period. 63.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Barclays increased their price target on Garmin from $101.00 to $106.00 in a report on Thursday, May 4th. Morgan Stanley boosted their target price on Garmin from $91.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 23rd. JPMorgan Chase & Co. boosted their target price on Garmin from $108.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, February 23rd. KeyCorp initiated coverage on Garmin in a research note on Tuesday, April 18th. They issued a “sector weight” rating on the stock. Finally, StockNews.com initiated coverage on Garmin in a research note on Thursday. They issued a “hold” rating on the stock. Five research analysts have rated the stock with 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 currently has a consensus rating of “Hold” and a consensus target price of $118.80.

Insider Activity at Garmin

In related news, CEO Clifton A. Pemble sold 7,216 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $98.54, for a total value of $711,064.64. Following the sale, the chief executive officer now owns 120,460 shares in the company, valued at $11,870,128.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Sean Biddlecombe sold 867 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $98.71, for a total value of $85,581.57. Following the sale, the director now owns 6,130 shares in the company, valued at $605,092.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,216 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $98.54, for a total transaction of $711,064.64. Following the completion of the sale, the chief executive officer now owns 120,460 shares in the company, valued at approximately $11,870,128.40. The disclosure for this sale can be found here. Insiders sold 16,610 shares of company stock valued at $1,635,921 over the last 90 days. Corporate insiders own 20.34% of the company’s stock.

Garmin Price Performance

GRMN stock opened at $104.26 on Friday. Garmin Ltd. has a 1 year low of $76.37 and a 1 year high of $108.32. The company has a market cap of $19.94 billion, a P/E ratio of 20.85, a PEG ratio of 3.55 and a beta of 0.94. The firm has a 50-day moving average of $99.68 and a 200 day moving average of $97.46.

Garmin (NYSE:GRMN – Get Rating) last announced its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.02. Garmin had a net margin of 19.94% and a return on equity of 15.98%. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm earned $1.11 earnings per share. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. On average, equities research analysts expect that Garmin Ltd. will post 5.22 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, June 30th. Investors of record on Tuesday, June 20th will be given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Friday, June 16th. Garmin’s dividend payout ratio (DPR) is currently 58.40%.

Garmin Company Profile

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.