Assenagon Asset Management S.A. Acquires 258 Shares of Garmin Ltd. (NYSE:GRMN)

Assenagon Asset Management S.A. boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,294 shares of the scientific and technical instruments company’s stock after acquiring an additional 258 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Garmin were worth $3,321,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GRMN. Aster Capital Management DIFC Ltd increased its stake in Garmin by 864.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 121 shares during the last quarter. Venturi Wealth Management LLC increased its stake in Garmin by 67.7% in the 4th quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock worth $43,000 after acquiring an additional 84 shares during the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Garmin in the 4th quarter worth about $46,000. Measured Risk Portfolios Inc. bought a new position in shares of Garmin during the 4th quarter valued at about $47,000. Finally, Larson Financial Group LLC increased its position in shares of Garmin by 26.8% during the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after purchasing an additional 51 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Garmin Price Performance

Shares of Garmin stock opened at $201.13 on Monday. The business’s 50 day simple moving average is $197.43 and its two-hundred day simple moving average is $207.88. The stock has a market capitalization of $38.73 billion, a P/E ratio of 27.51, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a one year low of $158.38 and a one year high of $246.50.

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

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. Garmin’s dividend payout ratio is currently 47.37%.

About Garmin

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.