Garmin Ltd. (NYSE:GRMN) Stake Lessened by Financial Counselors Inc.

Financial Counselors Inc. reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 2.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 6,037 shares of the scientific and technical instruments company’s stock after selling 145 shares during the quarter. Financial Counselors Inc.’s holdings in Garmin were worth $984,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clearstead Trust LLC acquired a new position in shares of Garmin during the 1st quarter valued at $30,000. Family Firm Inc. acquired a new position in Garmin in the second quarter worth approximately $35,000. Frazier Financial Advisors LLC bought a new position in shares of Garmin in the fourth quarter valued at $33,000. West Oak Capital LLC acquired a new stake in shares of Garmin during the 2nd quarter valued at $53,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Garmin in the 4th quarter worth $53,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 12,492 shares of company stock valued at $2,176,989. Insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GRMN. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, August 20th. Finally, Tigress Financial upped their price target on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $156.83.

Garmin Trading Down 1.8 %

Garmin stock opened at $179.94 on Wednesday. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $183.88. The firm’s fifty day simple moving average is $170.40 and its 200-day simple moving average is $158.35. The company has a market capitalization of $34.56 billion, a P/E ratio of 25.38, a P/E/G ratio of 3.17 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.18. The company 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%. The business’s revenue was up 14.3% compared to the same quarter last year. During the same period last year, the company earned $1.45 earnings per share. On average, equities research analysts predict that Garmin Ltd. will post 6.05 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 28th. Stockholders of record on Friday, March 14th will be paid a $0.75 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.67%. Garmin’s payout ratio is presently 42.31%.

Garmin 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.