Garmin Ltd. (NYSE:GRMN) Shares Purchased by First Horizon Advisors Inc.

First Horizon Advisors Inc. raised its position in Garmin Ltd. (NYSE:GRMN) by 1.3% during the fourth quarter, HoldingsChannel reports. The firm owned 129,198 shares of the scientific and technical instruments company’s stock after buying an additional 1,619 shares during the quarter. First Horizon Advisors Inc.’s holdings in Garmin were worth $16,607,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Silver Lake Advisory LLC increased its holdings in Garmin by 37.2% in the fourth quarter. Silver Lake Advisory LLC now owns 28,831 shares of the scientific and technical instruments company’s stock valued at $3,706,000 after buying an additional 7,823 shares during the last quarter. Robertson Stephens Wealth Management LLC increased its holdings in shares of Garmin by 38.1% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 5,304 shares of the scientific and technical instruments company’s stock valued at $682,000 after acquiring an additional 1,464 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in shares of Garmin by 1.4% during the 4th quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock worth $924,000 after acquiring an additional 96 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Garmin by 61.4% during the fourth quarter. Victory Capital Management Inc. now owns 119,597 shares of the scientific and technical instruments company’s stock worth $15,373,000 after purchasing an additional 45,509 shares during the last quarter. Finally, Savant Capital LLC acquired a new position in Garmin in the fourth quarter valued at approximately $241,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of GRMN stock traded up $0.89 during mid-day trading on Thursday, hitting $164.31. The stock had a trading volume of 493,946 shares, compared to its average volume of 952,073. Garmin Ltd. has a fifty-two week low of $96.04 and a fifty-two week high of $165.50. The company’s 50-day simple moving average is $144.00 and its 200-day simple moving average is $128.62. The firm has a market cap of $31.56 billion, a PE ratio of 24.44, a PEG ratio of 4.74 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 EPS. On average, analysts expect that Garmin Ltd. will post 5.45 EPS for the current year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio (DPR) is currently 43.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GRMN. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, April 23rd. Bank of America raised their price objective on Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Tigress Financial reissued a “strong-buy” rating and issued a $175.00 target price (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, Barclays lifted their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Garmin has an average rating of “Hold” and an average price target of $153.50.

Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,476 shares of company stock worth $14,166,944. Corporate insiders own 19.89% of the company’s stock.

Garmin Company Profile

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.