Fred Alger Management Inc. lessened its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 24.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,933 shares of the scientific and technical instruments company’s stock after selling 4,929 shares during the quarter. Fred Alger Management Inc.’s holdings in Garmin were worth $890,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. James Investment Research Inc. increased its holdings in shares of Garmin by 908.8% in the 4th quarter. James Investment Research Inc. now owns 28,500 shares of the scientific and technical instruments company’s stock valued at $1,698,000 after acquiring an additional 25,675 shares during the period. Invictus RG acquired a new position in shares of Garmin in the 3rd quarter valued at $739,000. Creative Planning increased its holdings in shares of Garmin by 18.9% in the 4th quarter. Creative Planning now owns 15,711 shares of the scientific and technical instruments company’s stock valued at $936,000 after acquiring an additional 2,501 shares during the period. Pinebridge Investments L.P. increased its holdings in shares of Garmin by 42.4% in the 3rd quarter. Pinebridge Investments L.P. now owns 9,203 shares of the scientific and technical instruments company’s stock valued at $497,000 after acquiring an additional 2,740 shares during the period. Finally, Garrison Financial Corp acquired a new position in shares of Garmin in the 4th quarter valued at $211,000. Institutional investors and hedge funds own 39.37% of the company’s stock.
Garmin Ltd. (GRMN) opened at $60.26 on Thursday. The stock has a market cap of $12,112.43, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 2.40 and a beta of 0.97. Garmin Ltd. has a 12 month low of $48.50 and a 12 month high of $65.96.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.04. The company had revenue of $888.49 million for the quarter, compared to analysts’ expectations of $872.73 million. Garmin had a net margin of 22.51% and a return on equity of 15.16%. Garmin’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 EPS. research analysts anticipate that Garmin Ltd. will post 3.05 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Monday, June 18th will be paid a $0.53 dividend. This is a boost from Garmin’s previous quarterly dividend of $0.51. This represents a $2.12 annualized dividend and a yield of 3.52%. Garmin’s payout ratio is currently 55.43%.
GRMN has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Thursday, January 4th. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. BidaskClub cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Friday, December 15th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Friday, December 15th. Finally, Credit Suisse Group reaffirmed an “underperform” rating and issued a $58.00 target price (up from $48.00) on shares of Garmin in a report on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. Garmin has an average rating of “Hold” and a consensus price target of $57.13.
In other Garmin news, insider Clifton A. Pemble sold 36,208 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $65.00, for a total value of $2,353,520.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles Peffer sold 9,905 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $60.55, for a total transaction of $599,747.75. The disclosure for this sale can be found here. Insiders sold a total of 48,042 shares of company stock worth $3,070,184 over the last three months. 18.30% of the stock is currently owned by corporate insiders.
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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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