NBC Securities Inc. Invests $57,000 in Garmin Ltd. (NYSE:GRMN)

NBC Securities Inc. bought a new position in shares of Garmin Ltd. (NYSE:GRMN) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 265 shares of the scientific and technical instruments company’s stock, valued at approximately $57,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock worth $3,726,645,000 after purchasing an additional 215,344 shares during the period. Geode Capital Management LLC lifted its position in Garmin by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company’s stock worth $913,544,000 after acquiring an additional 75,332 shares in the last quarter. Norges Bank acquired a new position in Garmin during the 4th quarter worth approximately $396,184,000. Invesco Ltd. lifted its position in Garmin by 9.6% during the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company’s stock worth $352,475,000 after acquiring an additional 149,210 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Garmin by 20.2% during the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock worth $352,394,000 after acquiring an additional 286,765 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Down 0.5%

Shares of GRMN stock opened at $209.04 on Thursday. The stock has a 50-day simple moving average of $196.32 and a 200 day simple moving average of $208.06. Garmin Ltd. has a fifty-two week low of $158.38 and a fifty-two week high of $246.50. The stock has a market capitalization of $40.25 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business earned $1.42 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.72%. Garmin’s dividend payout ratio is 47.37%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GRMN shares. JPMorgan Chase & Co. reduced their price target on Garmin from $220.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Morgan Stanley upped their target price on Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a research report on Thursday, May 1st. Tigress Financial upped their target price on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. Finally, Barclays cut their target price on Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Garmin presently has a consensus rating of “Hold” and an average price target of $206.00.

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.