Vanguard Group Inc. grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,425,166 shares of the scientific and technical instruments company's stock after purchasing an additional 357,458 shares during the period. Vanguard Group Inc. owned approximately 9.57% of Garmin worth $4,000,656,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in GRMN. GAMMA Investing LLC lifted its stake in Garmin by 25,047.9% in the first 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 last quarter. Congress Asset Management Co. grew its holdings in Garmin by 673.4% in the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after purchasing an additional 384,258 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Garmin by 20.2% during 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 during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Garmin by 164.7% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock valued at $82,121,000 after purchasing an additional 247,726 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Garmin during the fourth quarter valued at $39,748,000. Hedge funds and other institutional investors own 81.60% of the company's stock.
Garmin Stock Up 1.6%
Shares of Garmin stock traded up $3.59 during trading hours on Friday, hitting $232.55. The company's stock had a trading volume of 631,035 shares, compared to its average volume of 893,891. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The business has a fifty day moving average of $215.29 and a 200 day moving average of $209.45. The company has a market capitalization of $44.76 billion, a PE ratio of 28.67, a P/E/G ratio of 2.58 and a beta of 0.99.
Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the firm posted $1.58 EPS. The company's revenue for the quarter was up 20.4% on a year-over-year basis. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's dividend payout ratio is 44.39%.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on GRMN shares. Barclays restated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley raised their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective 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. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $222.00.
View Our Latest Analysis on GRMN
Insider Buying and Selling
In related news, CEO Clifton A. Pemble sold 7,899 shares of the business'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 of the company's stock, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the business'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 completion of the sale, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.
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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