Park Avenue Securities LLC raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 101.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,328 shares of the scientific and technical instruments company's stock after buying an additional 6,212 shares during the period. Park Avenue Securities LLC's holdings in Garmin were worth $2,677,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Garmin by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company's stock valued at $3,726,645,000 after buying an additional 215,344 shares in the last quarter. Geode Capital Management LLC boosted its position in Garmin by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company's stock valued at $913,544,000 after buying an additional 75,332 shares in the last quarter. Norges Bank acquired a new stake in Garmin in the fourth quarter valued at approximately $396,184,000. Invesco Ltd. boosted its position in Garmin by 9.6% in the fourth quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company's stock valued at $352,475,000 after buying an additional 149,210 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Garmin by 20.2% in the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock valued at $352,394,000 after buying an additional 286,765 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.
Analysts Set New Price Targets
Several research firms have recently issued reports on GRMN. Morgan Stanley raised their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday, May 1st. Barclays dropped their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Tigress Financial raised their price target on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $206.00.
Check Out Our Latest Stock Analysis on Garmin
Garmin Price Performance
NYSE GRMN traded down $7.26 during mid-day trading on Friday, reaching $201.13. 838,354 shares of the stock were exchanged, compared to its average volume of 890,338. Garmin Ltd. has a one year low of $158.38 and a one year high of $246.50. The stock has a 50 day simple moving average of $196.87 and a 200-day simple moving average of $208.02. The stock has a market cap of $38.73 billion, a P/E ratio of 27.51, a P/E/G ratio of 1.36 and a beta of 0.98.
Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business earned $1.42 EPS. Garmin's quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
Garmin Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 16th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.79%. Garmin's dividend payout ratio is presently 47.37%.
Garmin Profile
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Free Report)
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.
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