Garmin Ltd. (GRMN) Shares Bought by Global X Management Co. LLC
Global X Management Co. LLC raised its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 31.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,845 shares of the scientific and technical instruments company’s stock after buying an additional 13,117 shares during the period. Global X Management Co. LLC’s holdings in Garmin were worth $2,799,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. US Bancorp DE increased 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 during the period. James Investment Research Inc. acquired a new position in shares of Garmin during the first quarter worth about $144,000. Mn Services Vermogensbeheer B.V. increased its position in shares of Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock worth $151,000 after buying an additional 323 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of Garmin during the first quarter worth about $156,000. Finally, Botty Investors LLC acquired a new position in shares of Garmin during the first quarter worth about $172,000. 41.39% of the stock is owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (GRMN) opened at 51.21 on Friday. Garmin Ltd. has a 12-month low of $46.05 and a 12-month high of $55.74. The firm has a market capitalization of $9.61 billion, a P/E ratio of 14.39 and a beta of 0.86. The stock has a 50 day moving average price of $51.24 and a 200 day moving average price of $51.14.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business 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 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.98%. Garmin’s dividend payout ratio is currently 57.46%.
A number of equities analysts recently issued reports on the company. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub downgraded Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. J P Morgan Chase & Co downgraded Garmin from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $55.00 to $50.00 in a report on Thursday, May 4th. Bank of America Corporation increased their price objective on Garmin from $47.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, May 4th. Finally, Tigress Financial assumed coverage on Garmin in a report on Tuesday, May 2nd. They issued a “buy” rating for the company. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $51.21.
In related news, major shareholder Jonathan Burrell sold 200,000 shares of the business’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 transaction of $10,422,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the business’s 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 disclosure for this sale can be found here. Insiders have sold a total of 401,697 shares of company stock valued at $20,978,956 in the last 90 days. Insiders own 18.30% of the company’s stock.
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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