Sumitomo Mitsui Asset Management Company LTD Continues to Hold Stake in Garmin Ltd. (NASDAQ:GRMN)
Sumitomo Mitsui Asset Management Company LTD maintained its position in shares of Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,332 shares of the scientific and technical instruments company’s stock at the end of the second quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Garmin were worth $476,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in GRMN. BlackRock Inc. raised its position in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock valued at $556,544,000 after buying an additional 10,647,400 shares during the last quarter. Renaissance Technologies LLC raised its position in Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock worth $41,917,000 after buying an additional 621,665 shares in the last quarter. WINTON GROUP Ltd raised its position in Garmin by 473.0% in the first quarter. WINTON GROUP Ltd now owns 485,123 shares of the scientific and technical instruments company’s stock worth $23,339,000 after buying an additional 400,452 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in Garmin by 83.7% in the first quarter. UBS Asset Management Americas Inc. now owns 753,945 shares of the scientific and technical instruments company’s stock worth $38,534,000 after buying an additional 343,489 shares in the last quarter. Finally, Todd Asset Management LLC raised its position in Garmin by 1,113.9% in the first quarter. Todd Asset Management LLC now owns 323,519 shares of the scientific and technical instruments company’s stock worth $16,535,000 after buying an additional 296,868 shares in the last quarter. 41.39% of the stock is owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (GRMN) opened at 51.29 on Friday. The firm has a market cap of $9.63 billion, a PE ratio of 14.41 and a beta of 0.86. The stock’s 50 day moving average is $51.24 and its 200-day moving average is $51.12. Garmin Ltd. has a 52 week low of $46.05 and a 52 week high of $55.74.
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, 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 company had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. During the same quarter in the previous year, the business earned $0.87 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts predict that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s dividend payout ratio is currently 57.46%.
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A number of equities analysts have issued reports on the stock. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. BidaskClub lowered shares of Garmin from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Tigress Financial assumed coverage on shares of Garmin in a research report on Tuesday, May 2nd. They set a “buy” rating for the company. Longbow Research reissued a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research report on Tuesday. 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 has a consensus rating of “Hold” and a consensus price target of $51.21.
In other Garmin 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 value of $10,422,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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. In the last quarter, insiders sold 401,697 shares of company stock valued at $20,978,956. 18.30% of the stock is 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.
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