Garmin Ltd. (GRMN) Shares Bought by Alps Advisors Inc.
Alps Advisors Inc. increased its stake in Garmin Ltd. (NASDAQ:GRMN) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 905,361 shares of the scientific and technical instruments company’s stock after buying an additional 5,184 shares during the period. Alps Advisors Inc.’s holdings in Garmin were worth $46,201,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in GRMN. BlackRock Inc. boosted its stake 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 in the last quarter. Renaissance Technologies LLC boosted its stake 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 in the last quarter. WINTON GROUP Ltd boosted its stake in Garmin by 473.0% in the first quarter. WINTON GROUP Ltd now owns 485,123 shares of the scientific and technical instruments company’s stock valued at $23,339,000 after buying an additional 400,452 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in Garmin by 83.7% in the first quarter. UBS Asset Management Americas Inc. now owns 753,945 shares of the scientific and technical instruments company’s stock valued at $38,534,000 after buying an additional 343,489 shares in the last quarter. Finally, Todd Asset Management LLC boosted its position in shares of Garmin by 1,113.9% in the first quarter. Todd Asset Management LLC now owns 323,519 shares of the scientific and technical instruments company’s stock worth $16,535,000 after buying an additional 296,868 shares during the period. 42.88% of the stock is currently owned by institutional investors and hedge funds.
Garmin Ltd. (NASDAQ GRMN) opened at 51.40 on Wednesday. The firm has a market capitalization of $9.65 billion, a PE ratio of 14.44 and a beta of 0.86. The stock’s 50 day moving average is $51.26 and its 200-day moving average is $51.20. Garmin Ltd. has a 52-week low of $46.05 and a 52-week high of $55.74.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.07. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The firm had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. During the same quarter in the prior year, the company posted $0.87 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Equities analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.97%. Garmin’s dividend payout ratio is currently 57.46%.
GRMN has been the topic of a number of recent research reports. Tigress Financial initiated coverage on shares of Garmin in a research report on Tuesday, May 2nd. They set a “buy” rating on the stock. J P Morgan Chase & Co cut shares of Garmin from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $55.00 to $50.00 in a research report on Thursday, May 4th. Goldman Sachs Group, Inc. (The) lifted their price target on shares of Garmin from $52.00 to $54.00 and gave the company a “neutral” rating in a research report on Thursday, May 4th. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, May 4th. Finally, Bank of America Corporation lifted their price target on shares of Garmin from $47.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, May 4th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $51.21.
In other Garmin news, insider Sean Biddlecombe sold 1,697 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.83, for a total transaction of $87,955.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jonathan Burrell sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total value of $10,422,000.00. The disclosure for this sale can be found here. Insiders sold 633,697 shares of company stock worth $32,894,476 in the last 90 days. 18.30% of the stock is currently owned by corporate insiders.
Garmin Company Profile
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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