Addison Advisors LLC Purchases 92 Shares of Garmin Ltd. (NYSE:GRMN)

Addison Advisors LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 22.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 510 shares of the scientific and technical instruments company’s stock after acquiring an additional 92 shares during the quarter. Addison Advisors LLC’s holdings in Garmin were worth $83,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Farmers & Merchants Investments Inc. boosted its position in Garmin by 7.9% during the second quarter. Farmers & Merchants Investments Inc. now owns 3,140 shares of the scientific and technical instruments company’s stock valued at $512,000 after acquiring an additional 230 shares during the last quarter. Hamel Associates Inc. boosted its position in shares of Garmin by 33.8% during the 2nd quarter. Hamel Associates Inc. now owns 5,523 shares of the scientific and technical instruments company’s stock worth $900,000 after purchasing an additional 1,395 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Garmin by 3.3% during the 2nd quarter. TD Asset Management Inc now owns 100,359 shares of the scientific and technical instruments company’s stock worth $16,350,000 after purchasing an additional 3,194 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Garmin by 1.2% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 13,242 shares of the scientific and technical instruments company’s stock worth $2,157,000 after purchasing an additional 155 shares in the last quarter. Finally, Privium Fund Management UK Ltd bought a new position in shares of Garmin during the 2nd quarter worth about $294,000. Institutional investors own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GRMN shares. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Friday. Tigress Financial increased their price objective on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $156.83.

Garmin Stock Performance

Shares of NYSE GRMN opened at $180.09 on Friday. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $183.88. The stock has a market cap of $34.59 billion, a price-to-earnings ratio of 25.40, a PEG ratio of 3.17 and a beta of 0.98. The firm’s 50-day simple moving average is $171.90 and its 200 day simple moving average is $159.47.

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

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.67%. Garmin’s dividend payout ratio (DPR) is currently 42.31%.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on 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 directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the transaction, the chief financial officer now owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,242 shares of company stock valued at $2,676,004. Insiders own 19.54% of the company’s stock.

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.