CoreCap Advisors LLC Purchases Shares of 5,100 Garmin Ltd. (NYSE:GRMN)

CoreCap Advisors LLC purchased a new stake in Garmin Ltd. (NYSE:GRMN) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,100 shares of the scientific and technical instruments company’s stock, valued at approximately $831,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Artisan Partners Limited Partnership grew its stake in Garmin by 0.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 7,310,112 shares of the scientific and technical instruments company’s stock valued at $939,642,000 after purchasing an additional 63,278 shares in the last quarter. Boston Partners lifted its position in shares of Garmin by 4.3% in the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock valued at $210,799,000 after buying an additional 58,343 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Garmin by 4.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,291,589 shares of the scientific and technical instruments company’s stock valued at $166,021,000 after buying an additional 54,001 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after buying an additional 190,739 shares during the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of Garmin by 20.2% in the first quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company’s stock valued at $124,982,000 after buying an additional 141,001 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

Garmin Price Performance

Garmin stock opened at $172.68 on Friday. The stock’s fifty day moving average price is $173.80 and its two-hundred day moving average price is $161.14. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The firm has a market cap of $33.19 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) 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 company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.45 EPS. Sell-side analysts expect that Garmin Ltd. will post 6.05 earnings per share for the current fiscal year.

Garmin Dividend Announcement

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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is 42.31%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Thursday. 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 report on Wednesday, May 22nd. Finally, Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $181.00 to $133.00 in a report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $151.33.

Insider Activity

In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Garmin news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’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 directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock valued at $2,296,174 in the last ninety days. 19.54% of the stock is owned by company insiders.

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.