BNC Wealth Management LLC Has $5.13 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

BNC Wealth Management LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 2.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,607 shares of the scientific and technical instruments company’s stock after purchasing an additional 541 shares during the period. Garmin makes up approximately 1.8% of BNC Wealth Management LLC’s investment portfolio, making the stock its 18th biggest position. BNC Wealth Management LLC’s holdings in Garmin were worth $5,126,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GRMN. Savant Capital LLC grew its stake in shares of Garmin by 47.2% in the fourth quarter. Savant Capital LLC now owns 9,075 shares of the scientific and technical instruments company’s stock worth $1,872,000 after purchasing an additional 2,910 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Garmin in the fourth quarter worth $127,000. Allspring Global Investments Holdings LLC grew its stake in shares of Garmin by 229.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 159,056 shares of the scientific and technical instruments company’s stock worth $32,535,000 after purchasing an additional 110,705 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Garmin by 5.9% in the fourth quarter. Van ECK Associates Corp now owns 29,900 shares of the scientific and technical instruments company’s stock worth $6,167,000 after purchasing an additional 1,659 shares during the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Garmin by 23.0% in the fourth quarter. Principal Securities Inc. now owns 1,781 shares of the scientific and technical instruments company’s stock worth $367,000 after purchasing an additional 333 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of research analyst reports. 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 research report on Thursday, May 1st. Tigress Financial upped their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. Barclays cut their price target on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 30th. Finally, Morgan Stanley upped 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. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus price target of $206.00.

Garmin Trading Down 3.5%

GRMN opened at $201.13 on Friday. The company has a 50 day moving average of $197.43 and a 200 day moving average of $207.94. The company has a market cap of $38.73 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a 12 month low of $158.38 and a 12 month high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $1.42 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. Garmin’s dividend payout ratio is currently 47.37%.

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.