SteelPeak Wealth LLC Boosts Stock Position in Garmin Ltd. (NYSE:GRMN)

SteelPeak Wealth LLC grew its holdings in Garmin Ltd. (NYSE:GRMN) by 15.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 16,253 shares of the scientific and technical instruments company’s stock after acquiring an additional 2,166 shares during the quarter. SteelPeak Wealth LLC’s holdings in Garmin were worth $2,420,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. grew its stake in shares of Garmin by 213.5% in the 4th quarter. Pacer Advisors Inc. now owns 41,557 shares of the scientific and technical instruments company’s stock valued at $5,342,000 after purchasing an additional 28,301 shares during the last quarter. Peterson Wealth Services acquired a new position in shares of Garmin in the fourth quarter worth $2,365,000. Envestnet Asset Management Inc. grew its position in shares of Garmin by 42.7% in the third quarter. Envestnet Asset Management Inc. now owns 125,389 shares of the scientific and technical instruments company’s stock valued at $13,191,000 after purchasing an additional 37,532 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Garmin in the fourth quarter valued at $8,691,000. Finally, Natixis Advisors L.P. grew its position in Garmin by 30.0% during the fourth quarter. Natixis Advisors L.P. now owns 30,041 shares of the scientific and technical instruments company’s stock valued at $3,861,000 after acquiring an additional 6,939 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Activity

In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Douglas G. Boessen sold 2,350 shares of the company’s stock in a transaction that occurred on 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 owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. JPMorgan Chase & Co. boosted their price objective on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Tigress Financial increased their price objective on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. Barclays increased their price target on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, June 25th. Finally, Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $156.83.

Garmin Stock Performance

GRMN traded up $0.91 during trading on Friday, reaching $162.92. 1,139,766 shares of the company’s stock were exchanged, compared to its average volume of 601,485. The company’s fifty day moving average price is $161.55 and its 200-day moving average price is $143.24. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $171.64. The firm has a market capitalization of $31.29 billion, a PE ratio of 22.98, a P/E/G ratio of 3.51 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. Research analysts forecast that Garmin Ltd. will post 5.77 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s dividend payout ratio (DPR) is 42.31%.

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.