Garmin Ltd. (GRMN) Stake Decreased by Prudential PLC
Prudential PLC lowered its holdings in Garmin Ltd. (NASDAQ:GRMN) by 10.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,910 shares of the scientific and technical instruments company’s stock after selling 10,238 shares during the quarter. Prudential PLC’s holdings in Garmin were worth $5,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also bought and sold shares of GRMN. Oregon Public Employees Retirement Fund raised its stake in shares of Garmin by 5,916.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock worth $25,000 after purchasing an additional 1,560,423 shares during the last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of Garmin by 207.7% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 437 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 295 shares during the last quarter. Enlightenment Research LLC purchased a new position in shares of Garmin in the fourth quarter worth $38,000. Meeder Asset Management Inc. purchased a new position in shares of Garmin in the fourth quarter worth $64,000. Finally, Honkamp Krueger Financial Services Inc. purchased a new position in shares of Garmin in the third quarter worth $100,000. Hedge funds and other institutional investors own 42.35% of the company’s stock.
In other Garmin news, insider Clifton A. Pemble sold 2,683 shares of the business’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $82.38, for a total transaction of $221,025.54. Following the completion of the sale, the insider now owns 141,883 shares of the company’s stock, valued at $11,688,321.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sean Biddlecombe sold 1,500 shares of the business’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $83.51, for a total value of $125,265.00. The disclosure for this sale can be found here. Insiders own 17.85% of the company’s stock.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.22. Garmin had a return on equity of 17.67% and a net margin of 20.74%. The company had revenue of $932.11 million during the quarter, compared to analyst estimates of $893.14 million. During the same quarter in the previous year, the company posted $0.79 earnings per share. Garmin’s revenue was up 3.9% compared to the same quarter last year. On average, analysts forecast that Garmin Ltd. will post 3.71 EPS for the current fiscal 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. This represents a $2.12 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, March 14th. Garmin’s payout ratio is currently 57.45%.
Several research firms have recently weighed in on GRMN. Zacks Investment Research upgraded Garmin from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research note on Monday, February 25th. Longbow Research set a $75.00 price objective on Garmin and gave the stock a “buy” rating in a report on Tuesday, February 19th. Bank of America set a $70.00 price objective on Garmin and gave the stock a “sell” rating in a report on Thursday, November 15th. Credit Suisse Group lifted their price objective on Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a report on Monday, February 25th. Finally, Morgan Stanley cut their price objective on Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a report on Monday, January 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Garmin currently has an average rating of “Hold” and an average price target of $77.19.
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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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