Raymond James & Associates Has $23.03 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

Raymond James & Associates cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 10.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 141,336 shares of the scientific and technical instruments company’s stock after selling 16,466 shares during the period. Raymond James & Associates owned 0.07% of Garmin worth $23,026,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GRMN. Clearstead Trust LLC bought a new position in shares of Garmin in the first quarter valued at $30,000. Frazier Financial Advisors LLC bought a new position in shares of Garmin in the 4th quarter valued at about $33,000. EdgeRock Capital LLC acquired a new position in shares of Garmin during the 4th quarter worth about $53,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Garmin in the 4th quarter valued at about $55,000. Finally, Lindbrook Capital LLC lifted its stake in Garmin by 32.0% in the 4th quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock valued at $60,000 after purchasing an additional 113 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GRMN shares. JPMorgan Chase & Co. upped their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. Barclays lifted 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 lowered shares of Garmin from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Finally, 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus target price of $156.83.

Insider Buying and Selling

In other news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction that occurred on 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 directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Garmin news, 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 value of $379,830.50. Following the transaction, the chief financial officer now owns 28,010 shares in the company, valued at $4,527,256.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the transaction, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Up 1.1 %

Shares of Garmin stock opened at $178.50 on Thursday. The stock has a market capitalization of $34.28 billion, a price-to-earnings ratio of 25.18, a price-to-earnings-growth 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 company has a 50-day simple moving average of $167.24 and a two-hundred day simple moving average of $154.83.

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

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 1.68%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio (DPR) is presently 42.31%.

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.