Elevation Point Wealth Partners LLC Invests $578,000 in Garmin Ltd. (NYSE:GRMN)

Elevation Point Wealth Partners LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 2,663 shares of the scientific and technical instruments company’s stock, valued at approximately $578,000.

Other large investors also recently made changes to their positions in the company. Quantbot Technologies LP bought a new position in shares of Garmin during the fourth quarter worth approximately $127,000. Van ECK Associates Corp increased its stake in shares of Garmin by 5.9% during 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 period. Principal Securities Inc. increased its stake in shares of Garmin by 23.0% during 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 period. US Bancorp DE grew its position in Garmin by 14.4% during the fourth quarter. US Bancorp DE now owns 8,521 shares of the scientific and technical instruments company’s stock worth $1,758,000 after buying an additional 1,074 shares in the last quarter. Finally, Korea Investment CORP grew its position in Garmin by 7.6% during the fourth quarter. Korea Investment CORP now owns 73,265 shares of the scientific and technical instruments company’s stock worth $15,112,000 after buying an additional 5,200 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN stock opened at $201.13 on Monday. The stock’s fifty day moving average price is $197.43 and its two-hundred day moving average price is $207.88. The company has a market cap of $38.73 billion, a PE ratio of 27.51, a P/E/G ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a fifty-two week low of $158.38 and a fifty-two week high of $246.50.

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

Garmin Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.79%. Garmin’s dividend payout ratio is presently 47.37%.

Wall Street Analysts Forecast Growth

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

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.