Livforsakringsbolaget Skandia Omsesidigt held its stake in Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,239 shares of the scientific and technical instruments company’s stock at the end of the second quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Garmin were worth $114,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. James Investment Research Inc. purchased a new stake in Garmin during the first quarter worth about $144,000. Mn Services Vermogensbeheer B.V. boosted its stake in Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock worth $151,000 after buying an additional 323 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Garmin during the first quarter worth about $156,000. Botty Investors LLC purchased a new stake in Garmin during the first quarter worth about $172,000. Finally, Tompkins Financial Corp purchased a new stake in Garmin during the first quarter worth about $194,000. 41.39% of the stock is owned by institutional investors and hedge funds.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 52.28 on Thursday. Garmin Ltd. has a 12-month low of $46.05 and a 12-month high of $55.74. The firm’s 50-day moving average price is $51.19 and its 200-day moving average price is $51.00. The firm has a market capitalization of $9.81 billion, a P/E ratio of 14.69 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The company had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. Garmin’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $0.87 EPS. Equities analysts predict 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. Investors 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 annualized dividend and a dividend yield of 3.90%. Garmin’s payout ratio is 57.46%.
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Several equities analysts have weighed in on GRMN shares. Zacks Investment Research upgraded Garmin from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Thursday, May 4th. Bank of America Corporation raised their target price on Garmin from $47.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, May 4th. J P Morgan Chase & Co lowered Garmin from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $55.00 to $50.00 in a research note on Thursday, May 4th. Goldman Sachs Group, Inc. (The) lifted their price objective on Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, May 4th. Finally, Tigress Financial initiated coverage on Garmin in a research note on Tuesday, May 2nd. They issued a “buy” rating on the stock. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $51.21.
In other news, major shareholder Jonathan Burrell sold 100,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $52.46, for a total transaction of $5,246,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The disclosure for this sale can be found here. Over the last quarter, insiders sold 401,697 shares of company stock valued at $20,978,956. 18.30% of the stock is owned by company insiders.
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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