Andra AP fonden Decreases Position in Garmin Ltd. (GRMN)
Andra AP fonden lowered its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 5.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,800 shares of the scientific and technical instruments company’s stock after selling 2,000 shares during the quarter. Andra AP fonden’s holdings in Garmin were worth $1,878,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Aviva PLC boosted its stake in Garmin by 4.4% during the second quarter. Aviva PLC now owns 72,015 shares of the scientific and technical instruments company’s stock valued at $3,675,000 after buying an additional 3,020 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Garmin by 12.3% during the second quarter. Victory Capital Management Inc. now owns 10,997 shares of the scientific and technical instruments company’s stock valued at $561,000 after buying an additional 1,207 shares in the last quarter. Virginia Retirement Systems ET AL boosted its stake in Garmin by 2.1% during the second quarter. Virginia Retirement Systems ET AL now owns 328,900 shares of the scientific and technical instruments company’s stock valued at $16,784,000 after buying an additional 6,700 shares in the last quarter. Marshall Wace North America L.P. boosted its stake in Garmin by 3,623.9% during the second quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock valued at $37,343,000 after buying an additional 712,537 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in Garmin by 34.2% during the second quarter. BB&T Securities LLC now owns 27,538 shares of the scientific and technical instruments company’s stock valued at $1,405,000 after buying an additional 7,012 shares in the last quarter. 39.79% of the stock is owned by institutional investors and hedge funds.
In related news, major shareholder Jonathan Burrell sold 231,500 shares of Garmin stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $51.20, for a total transaction of $11,852,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 465,197 shares of company stock valued at $23,856,276. 18.30% of the stock is owned by insiders.
Several research analysts recently weighed in on the company. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub cut Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Finally, Morgan Stanley set a $50.00 target price on Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $53.50.
Garmin Ltd. (NASDAQ GRMN) opened at 51.82 on Tuesday. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of 14.56 and a beta of 0.85. The company has a 50 day moving average price of $51.54 and a 200-day moving average price of $51.41. Garmin Ltd. has a 52-week low of $46.05 and a 52-week high of $55.74.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.07. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. During the same period in the previous year, the firm earned $0.87 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that Garmin Ltd. will post $2.80 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.94%. Garmin’s dividend payout ratio (DPR) is presently 57.46%.
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Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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