Invesco Ltd. Raises Position in Garmin Ltd. (NYSE:GRMN)

Invesco Ltd. lifted its stake in Garmin Ltd. (NYSE:GRMN) by 9.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,708,886 shares of the scientific and technical instruments company’s stock after buying an additional 149,210 shares during the quarter. Invesco Ltd. owned about 0.89% of Garmin worth $352,475,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. Janus Henderson Group PLC raised its holdings in shares of Garmin by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 19,564 shares of the scientific and technical instruments company’s stock worth $3,444,000 after acquiring an additional 1,060 shares in the last quarter. Stifel Financial Corp lifted its position in Garmin by 19.7% during the third quarter. Stifel Financial Corp now owns 36,387 shares of the scientific and technical instruments company’s stock valued at $6,406,000 after purchasing an additional 5,989 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of Garmin by 22.7% in the 3rd quarter. National Bank of Canada FI now owns 15,584 shares of the scientific and technical instruments company’s stock worth $2,743,000 after buying an additional 2,883 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Garmin during the 3rd quarter valued at about $668,000. Finally, Orion Portfolio Solutions LLC lifted its holdings in shares of Garmin by 9.3% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 7,800 shares of the scientific and technical instruments company’s stock valued at $1,373,000 after acquiring an additional 664 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on GRMN shares. Morgan Stanley upgraded Garmin to a “sell” rating and lifted their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Tigress Financial boosted 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 boosted their price objective on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $210.80.

Garmin Price Performance

NYSE GRMN opened at $193.10 on Thursday. The company has a fifty day moving average of $212.72 and a two-hundred day moving average of $203.97. The company has a market capitalization of $37.15 billion, a PE ratio of 26.42, a P/E/G ratio of 1.36 and a beta of 0.92. Garmin Ltd. has a 1 year low of $138.86 and a 1 year high of $246.50.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.72 earnings per share. On average, research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a yield of 1.86%. Garmin’s payout ratio is 49.25%.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the sale, the chief executive officer now owns 149,525 shares in the company, valued at $33,963,108.50. The trade was a 4.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the transaction, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock valued at $5,486,094 in the last ninety days. Corporate 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.