Janney Montgomery Scott LLC Has $1.94 Million Position in Garmin Ltd. (GRMN)
Janney Montgomery Scott LLC boosted its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 15.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,070 shares of the scientific and technical instruments company’s stock after buying an additional 5,176 shares during the period. Janney Montgomery Scott LLC’s holdings in Garmin were worth $1,943,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Washington Trust Bank increased its position in shares of Garmin by 204.6% in the first quarter. Washington Trust Bank now owns 7,040 shares of the scientific and technical instruments company’s stock valued at $360,000 after buying an additional 4,729 shares during the last quarter. Tompkins Financial Corp purchased a new position in shares of Garmin during the first quarter valued at $194,000. Fox Run Management L.L.C. purchased a new position in shares of Garmin during the first quarter valued at $373,000. Atria Investments LLC increased its position in shares of Garmin by 25.8% in the first quarter. Atria Investments LLC now owns 44,782 shares of the scientific and technical instruments company’s stock valued at $2,289,000 after buying an additional 9,177 shares during the last quarter. Finally, Visionary Asset Management Inc. increased its position in shares of Garmin by 2.5% in the first quarter. Visionary Asset Management Inc. now owns 67,324 shares of the scientific and technical instruments company’s stock valued at $3,441,000 after buying an additional 1,628 shares during the last quarter. 41.39% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (GRMN) opened at 52.10 on Tuesday. The firm has a market cap of $9.78 billion, a P/E ratio of 14.64 and a beta of 0.86. The stock’s 50 day moving average is $51.17 and its 200-day moving average is $50.98. Garmin Ltd. has a 1-year low of $46.05 and a 1-year high of $55.94.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping 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 firm had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. During the same period last year, the company posted $0.87 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. Analysts forecast that Garmin Ltd. will post $2.80 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.92%. Garmin’s payout ratio is presently 57.46%.
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Several research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. BidaskClub downgraded shares of Garmin from a “sell” rating to a “strong sell” rating in a research note on Friday. Tigress Financial assumed coverage on shares of Garmin in a research note on Tuesday, May 2nd. They issued a “buy” rating for the company. Longbow Research reissued a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Finally, Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $51.21.
In other news, major shareholder Jonathan Burrell sold 100,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $52.46, for a total transaction of $5,246,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was 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. Insiders have sold a total of 401,697 shares of company stock valued at $20,978,956 over the last 90 days. Corporate insiders own 18.30% of the company’s stock.
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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