US Bancorp DE increased its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 35.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,551 shares of the scientific and technical instruments company's stock after acquiring an additional 3,030 shares during the period. US Bancorp DE's holdings in Garmin were worth $2,508,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in GRMN. Invesco Ltd. boosted its stake in Garmin by 9.6% in the 4th quarter. Invesco Ltd. now owns 1,708,886 shares of the scientific and technical instruments company's stock worth $352,475,000 after purchasing an additional 149,210 shares during the period. Northern Trust Corp boosted 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Garmin by 15.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock worth $206,074,000 after purchasing an additional 135,135 shares during the period. GAMMA Investing LLC boosted its stake in Garmin by 25,047.9% in the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after purchasing an additional 881,935 shares during the period. Finally, Captrust Financial Advisors boosted its stake in Garmin by 6.5% in the 4th quarter. Captrust Financial Advisors now owns 817,902 shares of the scientific and technical instruments company's stock worth $168,701,000 after purchasing an additional 50,173 shares during the period. 81.60% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the transaction, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. This represents a 5.28% decrease in their position. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by company insiders.
Garmin Trading Up 1.6%
GRMN stock traded up $3.59 during midday trading on Friday, reaching $232.55. The company had a trading volume of 631,035 shares, compared to its average volume of 893,891. The company has a market capitalization of $44.76 billion, a P/E ratio of 28.67, a PEG ratio of 2.58 and a beta of 0.99. The company has a 50 day moving average of $215.29 and a two-hundred day moving average of $209.45. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50.
Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. Garmin's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.58 EPS. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.
Garmin Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's dividend payout ratio is currently 44.39%.
Analyst Ratings Changes
A number of equities analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Barclays reiterated an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $222.00.
View Our Latest Research Report on Garmin
Garmin Company Profile
(
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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