Trajan Wealth LLC Raises Stake in Garmin Ltd. (NYSE:GRMN)

Trajan Wealth LLC boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 3.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,639 shares of the scientific and technical instruments company’s stock after acquiring an additional 3,477 shares during the period. Garmin accounts for about 1.1% of Trajan Wealth LLC’s investment portfolio, making the stock its 23rd largest holding. Trajan Wealth LLC’s holdings in Garmin were worth $19,898,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Principal Street Partners LLC increased its stake in Garmin by 1.8% during the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company’s stock valued at $660,000 after purchasing an additional 58 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in Garmin by 2.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company’s stock valued at $489,000 after purchasing an additional 59 shares in the last quarter. Harbour Investments Inc. increased its stake in Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company’s stock valued at $58,000 after purchasing an additional 64 shares in the last quarter. Moody National Bank Trust Division increased its stake in Garmin by 2.4% during the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company’s stock valued at $655,000 after purchasing an additional 72 shares in the last quarter. Finally, FSM Wealth Advisors LLC increased its stake in Garmin by 5.1% during the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company’s stock valued at $325,000 after purchasing an additional 72 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Down 1.4%

Shares of GRMN stock opened at $229.06 on Tuesday. The company has a 50 day moving average price of $215.82 and a 200-day moving average price of $209.50. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The firm has a market capitalization of $44.09 billion, a PE ratio of 28.24, a P/E/G ratio of 2.58 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the business posted $1.58 earnings per share. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. Analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.6%. Garmin’s dividend payout ratio is presently 44.39%.

Analysts Set New Price Targets

A number of analysts have weighed in on GRMN shares. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Barclays restated an “underweight” rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley raised their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. Two equities research 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 stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $222.00.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares of the company’s stock, valued at $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

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.