Wealth Enhancement Advisory Services LLC acquired a new stake in Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,329 shares of the scientific and technical instruments company’s stock, valued at approximately $821,000.
A number of other large investors have also bought and sold shares of GRMN. US Bancorp DE increased its stake in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after buying an additional 180 shares in the last quarter. James Investment Research Inc. acquired a new stake in Garmin during the first quarter valued at about $144,000. Mn Services Vermogensbeheer B.V. increased 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 valued at $151,000 after buying an additional 323 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Garmin during the first quarter valued at about $156,000. Finally, Botty Investors LLC acquired a new stake in Garmin during the first quarter valued at about $172,000. Institutional investors own 42.88% of the company’s stock.
Garmin Ltd. (NASDAQ GRMN) opened at 51.17 on Friday. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 14.38 and a beta of 0.86. Garmin Ltd. has a 52-week low of $46.05 and a 52-week high of $55.74. The company’s 50-day moving average price is $51.31 and its 200-day moving average price is $51.24.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (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%. Garmin’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 earnings per share. Analysts predict that Garmin Ltd. will post $2.80 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s dividend payout ratio is currently 57.46%.
A number of brokerages have recently weighed in on GRMN. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub downgraded Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. J P Morgan Chase & Co downgraded Garmin from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $55.00 to $50.00 in a report on Thursday, May 4th. Bank of America Corporation boosted their price target on Garmin from $47.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, May 4th. Finally, Tigress Financial began coverage on Garmin in a report on Tuesday, May 2nd. They issued a “buy” rating for the company. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $51.21.
In related news, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Jonathan Burrell sold 232,000 shares of Garmin stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $51.36, for a total value of $11,915,520.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 633,697 shares of company stock worth $32,894,476. 18.30% of the stock is owned by company insiders.
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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