Utah Retirement Systems boosted its position in Garmin Ltd. (NASDAQ:GRMN) by 8.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 22,105 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,800 shares during the period. Utah Retirement Systems’ holdings in Garmin were worth $1,128,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. US Bancorp DE grew its position in Garmin by 8.8% in the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after purchasing an additional 180 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in Garmin in the 1st quarter worth about $156,000. Botty Investors LLC bought a new stake in Garmin in the 1st quarter worth about $172,000. Cutler Group LP bought a new stake in Garmin in the 2nd quarter worth about $188,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in Garmin by 72.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after purchasing an additional 1,568 shares in the last quarter. 39.59% of the stock is owned by institutional investors and hedge funds.
Garmin Ltd. (NASDAQ GRMN) opened at 52.41 on Friday. Garmin Ltd. has a 1-year low of $46.80 and a 1-year high of $55.74. The firm has a 50-day moving average of $51.82 and a 200-day moving average of $51.44. The stock has a market capitalization of $9.84 billion, a PE ratio of 14.73 and a beta of 0.85.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results 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 net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. During the same period in the previous year, the business posted $0.87 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.89%. Garmin’s dividend payout ratio is presently 57.46%.
In other news, VP Andrew R. Etkind sold 2,189 shares of Garmin stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total value of $113,828.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan Burrell sold 127,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $52.14, for a total transaction of $6,621,780.00. The disclosure for this sale can be found here. Insiders sold 976,110 shares of company stock valued at $50,507,034 over the last quarter. Company insiders own 18.30% of the company’s stock.
A number of equities research analysts have issued reports on the stock. BidaskClub downgraded shares of Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Longbow Research reaffirmed a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the stock a “hold” rating in a research report 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 given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $53.50.
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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