Wedbush Securities Inc. raised its position in Garmin Ltd. (NASDAQ:GRMN) by 119.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,017 shares of the scientific and technical instruments company’s stock after purchasing an additional 3,273 shares during the quarter. Wedbush Securities Inc.’s holdings in Garmin were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC acquired a new stake in shares of Garmin in the first quarter valued at approximately $82,000. Xact Kapitalforvaltning AB increased its stake in shares of Garmin by 7.4% in the second quarter. Xact Kapitalforvaltning AB now owns 33,488 shares of the scientific and technical instruments company’s stock valued at $2,672,000 after purchasing an additional 2,308 shares during the period. Flagship Harbor Advisors LLC increased its stake in shares of Garmin by 13.2% in the second quarter. Flagship Harbor Advisors LLC now owns 2,030 shares of the scientific and technical instruments company’s stock valued at $162,000 after purchasing an additional 237 shares during the period. Advisory Services Network LLC increased its stake in shares of Garmin by 67.1% in the first quarter. Advisory Services Network LLC now owns 2,306 shares of the scientific and technical instruments company’s stock valued at $199,000 after purchasing an additional 926 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Garmin by 1.6% in the first quarter. Northern Trust Corp now owns 1,373,186 shares of the scientific and technical instruments company’s stock valued at $118,575,000 after purchasing an additional 22,233 shares during the period. Institutional investors own 42.19% of the company’s stock.
NASDAQ GRMN opened at $77.17 on Friday. Garmin Ltd. has a 12 month low of $59.98 and a 12 month high of $89.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.39 and a quick ratio of 1.76. The firm has a market capitalization of $15.15 billion, a PE ratio of 20.91, a P/E/G ratio of 2.67 and a beta of 0.91. The company’s 50 day simple moving average is $78.94 and its 200 day simple moving average is $80.40.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.16. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The business had revenue of $955.00 million for the quarter, compared to analyst estimates of $930.98 million. During the same quarter last year, the business earned $0.99 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. Sell-side analysts anticipate that Garmin Ltd. will post 3.9 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.57 per share. The ex-dividend date is Friday, September 13th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.95%. Garmin’s dividend payout ratio is presently 61.79%.
Several brokerages have commented on GRMN. Morgan Stanley set a $81.00 price target on shares of Garmin and gave the company a “hold” rating in a research note on Thursday, May 2nd. Tigress Financial restated a “buy” rating on shares of Garmin in a research note on Tuesday, June 11th. Zacks Investment Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. upgraded shares of Garmin from an “underweight” rating to a “neutral” rating and dropped their price target for the company from $77.00 to $75.00 in a research note on Friday, June 7th. Finally, ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Garmin presently has an average rating of “Hold” and an average price target of $78.66.
In related news, insider Min H. Kao sold 362,080 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $79.09, for a total transaction of $28,636,907.20. Following the transaction, the insider now owns 1,799,429 shares in the company, valued at $142,316,839.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Min H. Kao sold 241,179 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $76.81, for a total transaction of $18,524,958.99. The disclosure for this sale can be found here. Insiders have sold 5,419,145 shares of company stock worth $426,199,229 in the last quarter. Company insiders own 23.83% of the company’s stock.
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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