Garmin Ltd. (GRMN) Shares Sold by American International Group Inc.
American International Group Inc. trimmed its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 24.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,458 shares of the scientific and technical instruments company’s stock after selling 14,824 shares during the quarter. American International Group Inc.’s holdings in Garmin were worth $2,942,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Boston Advisors LLC bought a new position in shares of Garmin in the 4th quarter worth about $4,382,000. Wakefield Asset Management LLLP bought a new position in shares of Garmin in the 3rd quarter worth about $174,000. BlackRock Inc. lifted its position in shares of Garmin by 7.1% in the 4th quarter. BlackRock Inc. now owns 12,886,129 shares of the scientific and technical instruments company’s stock worth $815,948,000 after buying an additional 852,593 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Garmin in the 4th quarter worth about $1,966,000. Finally, Swiss National Bank lifted its position in shares of Garmin by 18.4% in the 3rd quarter. Swiss National Bank now owns 445,348 shares of the scientific and technical instruments company’s stock worth $31,197,000 after buying an additional 69,200 shares during the last quarter. Hedge funds and other institutional investors own 43.01% of the company’s stock.
A number of research analysts have recently issued reports on GRMN shares. Morgan Stanley reduced their price target on shares of Garmin from $77.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Monday, January 7th. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Monday, February 25th. BidaskClub upgraded shares of Garmin from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 13th. Longbow Research downgraded shares of Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price target on the stock. in a research report on Thursday, February 21st. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $77.19.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.22. Garmin had a net margin of 20.74% and a return on equity of 17.67%. The business had revenue of $932.11 million for the quarter, compared to analysts’ expectations of $893.14 million. During the same quarter last year, the company earned $0.79 EPS. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts expect that Garmin Ltd. will post 3.71 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a $0.53 dividend. The ex-dividend date is Thursday, March 14th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.52%. Garmin’s dividend payout ratio (DPR) is presently 57.45%.
In related news, insider Clifton A. Pemble sold 2,683 shares of the stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $82.38, for a total value of $221,025.54. Following the sale, the insider now owns 141,883 shares of the company’s stock, valued at approximately $11,688,321.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Sean Biddlecombe sold 1,500 shares of the stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $83.51, for a total transaction of $125,265.00. The disclosure for this sale can be found here. 17.85% of the stock is owned by company insiders.
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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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