Round Hill Asset Management trimmed its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 3.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,215 shares of the scientific and technical instruments company’s stock after selling 1,600 shares during the period. Garmin accounts for approximately 1.1% of Round Hill Asset Management’s holdings, making the stock its 21st biggest position. Round Hill Asset Management’s holdings in Garmin were worth $2,001,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of GRMN. Nationwide Fund Advisors boosted its stake in Garmin by 2.3% during the 1st quarter. Nationwide Fund Advisors now owns 83,891 shares of the scientific and technical instruments company’s stock valued at $4,288,000 after purchasing an additional 1,900 shares during the period. Russell Investments Group Ltd. boosted its stake in Garmin by 15.0% during the 1st quarter. Russell Investments Group Ltd. now owns 70,889 shares of the scientific and technical instruments company’s stock valued at $3,625,000 after purchasing an additional 9,247 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its stake in Garmin by 6.7% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,332 shares of the scientific and technical instruments company’s stock valued at $476,000 after purchasing an additional 587 shares during the period. Great West Life Assurance Co. Can boosted its stake in Garmin by 0.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 83,609 shares of the scientific and technical instruments company’s stock valued at $4,269,000 after purchasing an additional 302 shares during the period. Finally, Eqis Capital Management Inc. acquired a new position in Garmin during the 1st quarter valued at about $217,000. 39.79% of the stock is owned by hedge funds and other institutional investors.
GRMN has been the subject of a number of analyst reports. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Longbow Research raised shares of 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 lowered shares of Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Three 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. The company has a consensus rating of “Hold” and an average price target of $53.50.
Garmin Ltd. (GRMN) traded up 0.04% during mid-day trading on Friday, hitting $52.33. 234,975 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $51.72 and a 200 day moving average of $51.44. The stock has a market capitalization of $9.82 billion, a P/E ratio of 14.70 and a beta of 0.85. Garmin Ltd. has a 52 week low of $46.80 and a 52 week high of $55.74.
Garmin (NASDAQ:GRMN) last issued 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 net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $816.89 million for the quarter, compared to analyst estimates of $806.67 million. During the same quarter in the prior year, the firm earned $0.87 EPS. The company’s revenue was up .7% on a year-over-year basis. Equities analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s dividend payout ratio is currently 57.46%.
In other Garmin news, VP Andrew R. Etkind sold 1,724 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $52.50, for a total transaction of $90,510.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction dated Friday, August 4th. The stock was 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. In the last three months, insiders have sold 976,110 shares of company stock worth $50,507,034. Insiders own 18.30% of the company’s stock.
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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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