TD Asset Management Inc. decreased its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 6.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 933,079 shares of the scientific and technical instruments company’s stock after selling 63,012 shares during the period. TD Asset Management Inc. owned 0.50% of Garmin worth $47,615,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of GRMN. UBS Asset Management Americas Inc. raised its stake in shares of Garmin by 9.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 410,456 shares of the scientific and technical instruments company’s stock valued at $19,903,000 after buying an additional 35,489 shares during the period. Teachers Advisors LLC raised its stake in Garmin by 4.8% in the fourth quarter. Teachers Advisors LLC now owns 143,304 shares of the scientific and technical instruments company’s stock worth $6,949,000 after buying an additional 6,599 shares during the period. Kentucky Retirement Systems bought a new stake in Garmin during the fourth quarter worth $404,000. Macquarie Group Ltd. raised its stake in Garmin by 61.7% in the fourth quarter. Macquarie Group Ltd. now owns 7,600 shares of the scientific and technical instruments company’s stock worth $369,000 after buying an additional 2,900 shares during the period. Finally, Chevy Chase Trust Holdings Inc. raised its stake in Garmin by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 99,158 shares of the scientific and technical instruments company’s stock worth $5,068,000 after buying an additional 3,104 shares during the period. 42.88% of the stock is owned by institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded down 0.06% on Friday, hitting $51.17. The stock had a trading volume of 717,034 shares. The firm has a market cap of $9.60 billion, a P/E ratio of 14.38 and a beta of 0.86. 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 $51.31 and its 200 day moving average price is $51.24.
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 the consensus estimate 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 period in the prior year, the business posted $0.87 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The business also recently disclosed 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 is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 3.99%. Garmin’s dividend payout ratio is currently 57.46%.
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A number of research analysts recently issued reports on the company. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. BidaskClub downgraded 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 research note on Thursday, August 3rd. Morgan Stanley set a $50.00 price objective on Garmin and gave the company a “hold” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Garmin currently has a consensus rating of “Hold” and an average target price of $51.21.
In other news, insider Sean Biddlecombe sold 1,697 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.83, for a total value of $87,955.51. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Jonathan Burrell sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $52.46, for a total transaction of $5,246,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 633,697 shares of company stock worth $32,894,476. Company insiders own 18.30% of the company’s stock.
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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