Simon Quick Advisors LLC purchased a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,607 shares of the scientific and technical instruments company's stock, valued at approximately $349,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GRMN. Norges Bank bought a new position in shares of Garmin in the fourth quarter valued at $396,184,000. GAMMA Investing LLC lifted its holdings in shares of Garmin by 25,047.9% during the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after purchasing an additional 881,935 shares during the last quarter. Congress Asset Management Co. boosted its position in shares of Garmin by 673.4% in the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after purchasing an additional 384,258 shares during the period. Northern Trust Corp increased its stake in Garmin by 20.2% in the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after purchasing an additional 286,765 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Garmin by 164.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock worth $82,121,000 after purchasing an additional 247,726 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.
Garmin Trading Up 1.8%
Shares of GRMN traded up $3.54 during mid-day trading on Monday, hitting $203.96. 73,825 shares of the company traded hands, compared to its average volume of 888,575. The stock has a market capitalization of $39.27 billion, a price-to-earnings ratio of 27.92, a PEG ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a one year low of $158.38 and a one year high of $246.50. The business has a 50-day moving average of $197.43 and a 200 day moving average of $207.88.
Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $1.42 EPS. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current 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 issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.77%. Garmin's payout ratio is 47.37%.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Tigress Financial raised their price objective on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, February 26th. Barclays reduced their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, Morgan Stanley increased their target price on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $206.00.
Read Our Latest Stock Analysis on GRMN
About Garmin
(
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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