Garmin Ltd. (NASDAQ:GRMN) Stake Lowered by American Century Companies Inc.

American Century Companies Inc. lessened its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 10.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 593,109 shares of the scientific and technical instruments company’s stock after selling 65,548 shares during the period. American Century Companies Inc. owned approximately 0.32% of Garmin worth $30,266,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Aviva PLC increased its position in Garmin by 4.4% during the 2nd quarter. Aviva PLC now owns 72,015 shares of the scientific and technical instruments company’s stock worth $3,675,000 after purchasing an additional 3,020 shares in the last quarter. Victory Capital Management Inc. increased its position in Garmin by 12.3% in the 2nd quarter. Victory Capital Management Inc. now owns 10,997 shares of the scientific and technical instruments company’s stock valued at $561,000 after acquiring an additional 1,207 shares during the period. Virginia Retirement Systems ET AL increased its position in Garmin by 2.1% in the 2nd 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 acquiring an additional 6,700 shares during the period. Marshall Wace North America L.P. increased its position in Garmin by 3,623.9% in the 2nd 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 acquiring an additional 712,537 shares during the period. Finally, BB&T Securities LLC increased its position in Garmin by 34.2% in the 2nd 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 acquiring an additional 7,012 shares during the period. Institutional investors and hedge funds own 39.79% of the company’s stock.

In related news, major shareholder Jonathan Burrell sold 232,000 shares of Garmin stock in a transaction on Friday, August 11th. The stock was sold at an average price of $51.36, for a total transaction of $11,915,520.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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. Insiders sold a total of 976,110 shares of company stock valued at $50,507,034 over the last three months. Insiders own 18.30% of the company’s stock.

Shares of Garmin Ltd. (NASDAQ GRMN) traded up 0.32% during midday trading on Friday, reaching $52.48. 1,152,737 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $51.74 and its 200 day moving average price is $51.44. The firm has a market capitalization of $9.85 billion, a PE ratio of 14.75 and a beta of 0.85. Garmin Ltd. has a one year low of $46.80 and a one year high of $55.74.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.07. The business had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.87 EPS. On average, equities research analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 3.89%. Garmin’s dividend payout ratio is currently 57.46%.

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Several research analysts recently issued reports on the stock. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. BidaskClub downgraded shares of Garmin from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Longbow Research restated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. Finally, Tigress Financial reiterated a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. Garmin currently has a consensus rating of “Hold” and an average target price of $53.50.

About Garmin

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.

Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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