Sound Stewardship LLC Lowers Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Sound Stewardship LLC reduced its position in Garmin Ltd. (NYSE:GRMN) by 10.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,281 shares of the scientific and technical instruments company’s stock after selling 154 shares during the quarter. Sound Stewardship LLC’s holdings in Garmin were worth $278,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of GRMN. Vanguard Group Inc. boosted its position in Garmin by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock valued at $3,726,645,000 after buying an additional 215,344 shares during the period. Geode Capital Management LLC lifted its stake in shares of Garmin by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company’s stock valued at $913,544,000 after acquiring an additional 75,332 shares during the last quarter. Norges Bank purchased a new stake in Garmin during the 4th quarter valued at about $396,184,000. Invesco Ltd. grew its position in Garmin by 9.6% during the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company’s stock worth $352,475,000 after acquiring an additional 149,210 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Garmin by 20.2% in the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock worth $352,394,000 after purchasing an additional 286,765 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Garmin Stock Down 0.4%

Shares of Garmin stock opened at $208.34 on Friday. The business has a 50 day moving average of $196.87 and a 200 day moving average of $208.02. Garmin Ltd. has a 52 week low of $158.38 and a 52 week high of $246.50. The company has a market cap of $40.11 billion, a PE ratio of 28.50, a P/E/G ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.73%. Garmin’s dividend payout ratio (DPR) is presently 47.37%.

Analyst Ratings Changes

A number of analysts have recently weighed in on GRMN shares. Barclays dropped their price objective on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research note on Wednesday, April 30th. Morgan Stanley increased their price target on shares of Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. cut their price target on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Finally, Tigress Financial upped their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $206.00.

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.