Legal & General Group Plc Has $31.30 Million Position in Garmin Ltd. (GRMN)
Legal & General Group Plc raised its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 6.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 613,335 shares of the scientific and technical instruments company’s stock after buying an additional 38,688 shares during the period. Legal & General Group Plc owned 0.33% of Garmin worth $31,298,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the stock. US Bancorp DE increased its stake 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 valued at $113,000 after buying an additional 180 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake 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 valued at $151,000 after buying an additional 323 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Garmin during the first quarter valued at $156,000. Botty Investors LLC purchased a new stake in shares of Garmin during the first quarter valued at $172,000. Finally, Cutler Group LP purchased a new stake in shares of Garmin during the second quarter valued at $188,000. 39.76% of the stock is owned by institutional investors and hedge funds.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 51.73 on Thursday. The firm has a 50-day moving average of $51.37 and a 200-day moving average of $51.33. Garmin Ltd. has a 52-week low of $46.05 and a 52-week high of $55.74. The company has a market cap of $9.71 billion, a P/E ratio of 14.53 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. Equities research analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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 annualized dividend and a dividend yield of 3.94%. Garmin’s dividend payout ratio is presently 57.46%.
Several equities research analysts recently weighed in on GRMN shares. J P Morgan Chase & Co downgraded 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) raised 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 for the company in a research report on Thursday, May 4th. Bank of America Corporation raised 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. Finally, Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $53.50.
In other news, 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 transaction of $87,955.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Jonathan Burrell sold 231,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $51.20, for a total transaction of $11,852,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 465,197 shares of company stock valued at $23,856,276 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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