GSA Capital Partners LLP Makes New Investment in Garmin Ltd. (NYSE:GRMN)

GSA Capital Partners LLP bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,327 shares of the scientific and technical instruments company's stock, valued at approximately $1,389,000.

Other hedge funds have also bought and sold shares of the company. Daiwa Securities Group Inc. grew its holdings in Garmin by 12.5% in the first quarter. Daiwa Securities Group Inc. now owns 15,122 shares of the scientific and technical instruments company's stock worth $2,251,000 after purchasing an additional 1,677 shares during the period. Pittenger & Anderson Inc. grew its holdings in shares of Garmin by 177.5% during the first quarter. Pittenger & Anderson Inc. now owns 17,231 shares of the scientific and technical instruments company's stock valued at $2,565,000 after buying an additional 11,021 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Garmin by 4.4% during the first quarter. Nordea Investment Management AB now owns 10,111 shares of the scientific and technical instruments company's stock valued at $1,503,000 after buying an additional 430 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Garmin during the first quarter valued at about $164,000. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Garmin by 4.5% during the first quarter. Janney Montgomery Scott LLC now owns 135,709 shares of the scientific and technical instruments company's stock valued at $20,203,000 after buying an additional 5,863 shares during the last quarter. Institutional investors own 73.41% of the company's stock.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction 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 filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Patrick Desbois sold 4,126 shares of the firm's stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the firm's stock in a transaction dated Monday, June 10th. The stock was 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 directly owns 28,010 shares of the company's stock, valued at $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $155.00 to $175.00 and gave the company a "neutral" rating in a report on Thursday, May 2nd. Tigress Financial raised 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. Bank of America lowered shares of Garmin from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Barclays raised their price target on shares of Garmin from $140.00 to $166.00 and gave the company an "equal weight" rating in a research report on Thursday, May 2nd. Finally, StockNews.com raised shares of Garmin from a "hold" rating to a "buy" rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $156.83.

Garmin Trading Up 2.0 %

Shares of NYSE:GRMN traded up $3.31 during trading on Thursday, reaching $166.76. The company had a trading volume of 857,192 shares, compared to its average volume of 858,940. The company has a fifty day moving average of $164.10 and a two-hundred day moving average of $145.09. The stock has a market capitalization of $32.03 billion, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 3.48 and a beta of 0.98. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $171.64.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly 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 for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The business's revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, equities research analysts predict that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.80%. Garmin's payout ratio is currently 42.31%.

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.