CIBC Asset Management Inc Purchases 27 Shares of Garmin Ltd. (GRMN)
CIBC Asset Management Inc boosted its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 0.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 12,034 shares of the scientific and technical instruments company’s stock after buying an additional 27 shares during the period. CIBC Asset Management Inc’s holdings in Garmin were worth $614,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock valued at $556,544,000 after buying an additional 10,647,400 shares during the period. State Street Corp boosted its position in Garmin by 4.2% in the first quarter. State Street Corp now owns 6,279,175 shares of the scientific and technical instruments company’s stock valued at $320,928,000 after buying an additional 254,455 shares during the period. Geode Capital Management LLC boosted its position in Garmin by 5.0% in the first quarter. Geode Capital Management LLC now owns 1,265,406 shares of the scientific and technical instruments company’s stock valued at $64,594,000 after buying an additional 59,945 shares during the period. Dimensional Fund Advisors LP boosted its position in Garmin by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,089,439 shares of the scientific and technical instruments company’s stock valued at $55,680,000 after buying an additional 91,637 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock valued at $41,917,000 after buying an additional 621,665 shares during the period. 42.88% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (NASDAQ GRMN) opened at 51.80 on Tuesday. The firm has a market capitalization of $9.72 billion, a PE ratio of 14.55 and a beta of 0.86. Garmin Ltd. has a one year low of $46.05 and a one year high of $55.74. The stock has a 50 day moving average price of $51.25 and a 200-day moving average price of $51.19.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. During the same period in the previous year, the business earned $0.87 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.94%. Garmin’s payout ratio is 57.46%.
GRMN has been the subject of several recent research reports. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, May 4th. Morgan Stanley set a $50.00 price target on Garmin and gave the company a “hold” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) upped their price target on Garmin from $52.00 to $54.00 and gave the company a “neutral” rating in a report on Thursday, May 4th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.21.
In other news, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction that occurred on Friday, August 4th. The shares were 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jonathan Burrell sold 232,000 shares of Garmin stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $51.36, for a total transaction of $11,915,520.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 633,697 shares of company stock valued at $32,894,476. 18.30% of the stock is owned by company insiders.
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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