CIBC World Markets Inc. Acquires New Stake in Garmin Ltd. (GRMN)
CIBC World Markets Inc. acquired a new position in Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,867 shares of the scientific and technical instruments company’s stock, valued at approximately $299,000.
Other hedge funds have also modified their holdings of the company. US Bancorp DE raised its position in shares of Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Garmin in the first quarter worth $156,000. Botty Investors LLC purchased a new stake in shares of Garmin in the first quarter worth $172,000. Cutler Group LP purchased a new stake in shares of Garmin in the second quarter worth $188,000. Finally, Benjamin F. Edwards & Company Inc. raised its position in shares of Garmin by 72.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after buying an additional 1,568 shares in the last quarter. Institutional investors own 39.59% of the company’s stock.
Garmin Ltd. (GRMN) opened at 52.00 on Friday. The company has a market cap of $9.76 billion, a PE ratio of 14.61 and a beta of 0.85. The company has a 50-day moving average price of $51.82 and a 200-day moving average price of $51.44. Garmin Ltd. has a 1-year low of $46.80 and a 1-year high of $55.74.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.87 EPS. On average, analysts expect that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s payout ratio is currently 57.46%.
In other news, major shareholder Jonathan Burrell sold 231,500 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total transaction of $11,852,800.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Andrew R. Etkind sold 2,189 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total transaction of $113,828.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 976,110 shares of company stock worth $50,507,034. Corporate insiders own 18.30% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. BidaskClub downgraded Garmin from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Longbow Research reiterated a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Morgan Stanley set a $50.00 price objective on Garmin and gave the stock a “hold” rating in a research report on Monday, July 31st. Finally, Tigress Financial reiterated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Garmin has a consensus rating of “Hold” and a consensus target price of $53.50.
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.
Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NASDAQ:GRMN).
Receive News & Ratings for Garmin Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin Ltd. and related companies with Analyst Ratings Network's FREE daily email newsletter.