Graypoint LLC Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Graypoint LLC bought a new stake in Garmin Ltd. (NYSE:GRMN) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,429 shares of the scientific and technical instruments company’s stock, valued at approximately $233,000.

A number of other hedge funds have also made changes to their positions in GRMN. Clearstead Trust LLC purchased a new stake in shares of Garmin during the 1st quarter worth about $30,000. Frazier Financial Advisors LLC bought a new position in Garmin during the fourth quarter valued at approximately $33,000. Family Firm Inc. acquired a new stake in Garmin in the second quarter valued at approximately $35,000. EdgeRock Capital LLC bought a new stake in Garmin in the fourth quarter worth approximately $53,000. Finally, West Oak Capital LLC acquired a new position in shares of Garmin during the 2nd quarter worth $53,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GRMN has been the subject of several analyst reports. Bank of America lowered shares of Garmin from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Tigress Financial increased their price objective on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a report on Tuesday, May 14th. Finally, StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $156.83.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,492 shares of company stock worth $2,176,989. Company insiders own 19.54% of the company’s stock.

Garmin Stock Up 1.5 %

GRMN opened at $183.29 on Tuesday. The stock’s 50 day moving average price is $169.98 and its two-hundred day moving average price is $157.93. The firm has a market capitalization of $35.21 billion, a P/E ratio of 25.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.98. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $183.88.

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

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is currently 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.