Fred Alger Management Inc. decreased its stake in Garmin Ltd. (NASDAQ:GRMN) by 24.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 quarter.
Other hedge funds also recently made changes to their positions in the company. Heartland Advisors Inc. bought a new stake in Garmin in the fourth quarter valued at about $208,000. Garrison Financial Corp bought a new stake in Garmin in the fourth quarter valued at about $211,000. Sigma Planning Corp bought a new stake in Garmin in the third quarter valued at about $241,000. LMR Partners LLP bought a new stake in Garmin in the fourth quarter valued at about $283,000. Finally, Tiedemann Wealth Management LLC increased its holdings in Garmin by 16.3% in the third quarter. Tiedemann Wealth Management LLC now owns 16,068 shares of the scientific and technical instruments company’s stock valued at $324,000 after purchasing an additional 2,253 shares during the last quarter. 39.31% of the stock is currently owned by institutional investors and hedge funds.
GRMN has been the subject of a number of research analyst reports. Credit Suisse Group reissued an “underperform” rating and issued a $58.00 target price (up from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Friday, December 15th. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $57.00.
In other Garmin news, VP Andrew R. Etkind sold 1,929 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $60.61, for a total transaction of $116,916.69. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Clifton A. Pemble sold 36,208 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $65.00, for a total value of $2,353,520.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 465,453 shares of company stock worth $28,134,625. Corporate insiders own 18.30% of the company’s stock.
NASDAQ:GRMN opened at $58.42 on Friday. The company has a market capitalization of $11,751.93, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 2.33 and a beta of 0.99. Garmin Ltd. has a 12-month low of $48.50 and a 12-month high of $65.96.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.04. The company had revenue of $888.49 million for the quarter, compared to analyst estimates of $872.73 million. Garmin had a return on equity of 15.16% and a net margin of 22.51%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 earnings per share. equities research analysts forecast that Garmin Ltd. will post 3.05 EPS for the current fiscal year.
The business 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 dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.63%. This is a positive change from Garmin’s previous quarterly dividend of $0.51. Garmin’s dividend payout ratio (DPR) is 69.39%.
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Garmin Company Profile
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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