CIBC World Markets Inc. Increases Stake in Garmin Ltd. (NASDAQ:GRMN)

CIBC World Markets Inc. lifted its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 8.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,513 shares of the scientific and technical instruments company’s stock after buying an additional 1,328 shares during the quarter. CIBC World Markets Inc.’s holdings in Garmin were worth $2,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Prospera Financial Services Inc increased its position in shares of Garmin by 4.0% during the first quarter. Prospera Financial Services Inc now owns 1,993 shares of the scientific and technical instruments company’s stock valued at $263,000 after buying an additional 76 shares during the period. Alhambra Investment Partners LLC increased its position in shares of Garmin by 1.6% during the fourth quarter. Alhambra Investment Partners LLC now owns 5,174 shares of the scientific and technical instruments company’s stock valued at $619,000 after buying an additional 82 shares during the period. Advisory Resource Group increased its position in shares of Garmin by 0.6% during the fourth quarter. Advisory Resource Group now owns 14,054 shares of the scientific and technical instruments company’s stock valued at $1,682,000 after buying an additional 89 shares during the period. Arkadios Wealth Advisors boosted its stake in Garmin by 74.8% during the first quarter. Arkadios Wealth Advisors now owns 215 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 92 shares in the last quarter. Finally, Knowledge Leaders Capital LLC boosted its stake in Garmin by 1.3% during the fourth quarter. Knowledge Leaders Capital LLC now owns 8,965 shares of the scientific and technical instruments company’s stock worth $1,073,000 after acquiring an additional 114 shares in the last quarter. Institutional investors own 51.52% of the company’s stock.

Shares of Garmin stock opened at $142.60 on Friday. The company has a market capitalization of $27.40 billion, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 3.98 and a beta of 1.04. The firm’s 50 day moving average is $139.72. Garmin Ltd. has a twelve month low of $90.12 and a twelve month high of $145.20.

Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, April 28th. The scientific and technical instruments company reported $1.18 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.30. Garmin had a net margin of 23.88% and a return on equity of 19.71%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $930.06 million. During the same period in the prior year, the company earned $0.91 earnings per share. The firm’s revenue was up 25.3% on a year-over-year basis. On average, analysts predict that Garmin Ltd. will post 5.3 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 31st. Shareholders of record on Tuesday, March 15th will be issued a dividend of $0.67 per share. The ex-dividend date is Monday, March 14th. This represents a $2.68 dividend on an annualized basis and a yield of 1.88%. Garmin’s dividend payout ratio is currently 47.47%.

Several equities research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Garmin from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 29th. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating and set a $144.00 price objective on the stock. in a research note on Monday, May 3rd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Garmin from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Thursday, February 18th. Finally, Credit Suisse Group upped their target price on shares of Garmin from $129.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, April 29th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $135.57.

In other news, CFO Douglas G. Boessen sold 7,254 shares of the stock in a transaction on Monday, March 15th. The shares were sold at an average price of $127.72, for a total value of $926,480.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Philip Straub sold 5,898 shares of the stock in a transaction on Monday, May 10th. The stock was sold at an average price of $144.74, for a total transaction of $853,676.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 248,468 shares of company stock valued at $35,248,096. 21.39% of the stock is owned by corporate insiders.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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