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

TrueWealth Advisors LLC acquired a new stake in Garmin Ltd. (NYSE:GRMN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,670 shares of the scientific and technical instruments company’s stock, valued at approximately $272,000.

Other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in shares of Garmin during the 1st quarter worth approximately $30,000. Frazier Financial Advisors LLC acquired a new position in Garmin in the fourth quarter valued at $33,000. EdgeRock Capital LLC purchased a new position in shares of Garmin during the fourth quarter worth about $53,000. West Oak Capital LLC acquired a new stake in shares of Garmin during the second quarter worth about $53,000. Finally, MeadowBrook Investment Advisors LLC purchased a new stake in shares of Garmin in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Price Performance

NYSE GRMN traded up $2.11 on Friday, hitting $179.76. 529,626 shares of the company’s stock were exchanged, compared to its average volume of 845,486. The firm has a market cap of $34.53 billion, a price-to-earnings ratio of 25.35, a P/E/G ratio of 3.55 and a beta of 0.98. The firm’s 50-day moving average price is $167.96 and its two-hundred day moving average price is $155.41. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $180.40.

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 for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.45 earnings per share. On average, research analysts predict that Garmin Ltd. will post 6 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s dividend payout ratio (DPR) is 42.31%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GRMN. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price target on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Tigress Financial lifted their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. Finally, Barclays upped their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $156.83.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on 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 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 legal filing with the SEC, which is accessible through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the transaction, the executive vice president now 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. Over the last 90 days, insiders have sold 16,531 shares of company stock valued at $2,835,858. 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.