Northern Trust Corp decreased its stake in Garmin Ltd. (NASDAQ:GRMN) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,673,222 shares of the scientific and technical instruments company’s stock after selling 15,270 shares during the quarter. Northern Trust Corp owned about 0.89% of Garmin worth $85,385,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the company. Arizona State Retirement System boosted its holdings in shares of Garmin by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 38,429 shares of the scientific and technical instruments company’s stock worth $1,961,000 after purchasing an additional 100 shares during the period. Thrivent Financial For Lutherans boosted its holdings in shares of Garmin by 2.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after purchasing an additional 100 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Garmin by 1.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 9,580 shares of the scientific and technical instruments company’s stock worth $488,000 after purchasing an additional 120 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Garmin by 0.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,149 shares of the scientific and technical instruments company’s stock worth $875,000 after purchasing an additional 127 shares during the period. Finally, Wedbush Securities Inc. boosted its holdings in shares of Garmin by 3.3% in the 2nd quarter. Wedbush Securities Inc. now owns 4,867 shares of the scientific and technical instruments company’s stock worth $248,000 after purchasing an additional 156 shares during the period. Hedge funds and other institutional investors own 39.59% of the company’s stock.

GRMN has been the subject of a number of recent research reports. Morgan Stanley set a $50.00 target price on Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Tigress Financial restated a “buy” rating on shares of Garmin in a report on Monday, July 10th. BidaskClub upgraded Garmin from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 22nd. Finally, Longbow Research restated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Garmin currently has an average rating of “Hold” and an average target price of $53.50.

Garmin Ltd. (NASDAQ:GRMN) opened at 53.97 on Friday. The company’s 50-day moving average price is $51.82 and its 200-day moving average price is $51.44. Garmin Ltd. has a 12-month low of $46.80 and a 12-month high of $55.74. The stock has a market cap of $10.13 billion, a PE ratio of 15.16 and a beta of 0.85.

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 company had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 earnings per share. On average, equities analysts expect that Garmin Ltd. will post $2.80 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a $0.51 dividend. The ex-dividend date was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 3.78%. Garmin’s payout ratio is 57.46%.

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In related news, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jonathan Burrell sold 231,500 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $51.20, for a total value of $11,852,800.00. The disclosure for this sale can be found here. Insiders sold 978,183 shares of company stock valued at $50,616,903 over the last quarter. 18.30% of the stock is currently owned by company 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.

Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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