Atlantic Union Bankshares Corp Invests $1.47 Million in Garmin Ltd. (NYSE:GRMN)

Atlantic Union Bankshares Corp acquired a new stake in Garmin Ltd. (NYSE:GRMN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,870 shares of the scientific and technical instruments company’s stock, valued at approximately $1,469,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Artisan Partners Limited Partnership boosted its stake in shares of Garmin by 0.9% during 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 acquiring an additional 63,278 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Garmin by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,715,703 shares of the scientific and technical instruments company’s stock worth $220,541,000 after buying an additional 45,242 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Garmin by 4.4% during the fourth quarter. Wells Fargo & Company MN now owns 1,291,589 shares of the scientific and technical instruments company’s stock worth $166,021,000 after buying an additional 54,001 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Garmin by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 932,299 shares of the scientific and technical instruments company’s stock valued at $119,838,000 after buying an additional 6,858 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Garmin by 28.4% during 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 period. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was 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 owns 58,412 shares of the company’s stock, valued at $9,551,530.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Douglas G. Boessen sold 2,350 shares of Garmin 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 sale, the chief financial officer now owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the transaction, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. 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

Several analysts have commented on GRMN shares. Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Tigress Financial upped their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. JPMorgan Chase & Co. raised their price target on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Barclays raised their target price on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has issued 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 $156.83.

Garmin Price Performance

Shares of NYSE:GRMN opened at $162.89 on Friday. The firm has a market capitalization of $31.29 billion, a PE ratio of 22.97, a P/E/G ratio of 3.49 and a beta of 0.98. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $171.64. The business has a 50-day moving average of $161.55 and a two-hundred day moving average of $143.01.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating 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 analysts’ expectations of $1.25 billion. During the same period in the previous year, the company posted $1.02 earnings per share. Garmin’s revenue was up 20.4% compared to the same quarter last year. As a group, research analysts anticipate that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.75 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.84%. Garmin’s dividend payout ratio is currently 42.31%.

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.