Korea Investment CORP Raises Stake in Garmin Ltd. (NASDAQ:GRMN)
Korea Investment CORP boosted its stake in Garmin Ltd. (NASDAQ:GRMN) by 57.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 86,800 shares of the scientific and technical instruments company’s stock after buying an additional 31,500 shares during the period. Korea Investment CORP’s holdings in Garmin were worth $4,429,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the company. Mn Services Vermogensbeheer B.V. boosted its position in shares of Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock valued at $151,000 after buying an additional 323 shares in the last quarter. Nationwide Fund Advisors boosted its position in Garmin by 2.3% in the first quarter. Nationwide Fund Advisors now owns 83,891 shares of the scientific and technical instruments company’s stock worth $4,288,000 after buying an additional 1,900 shares during the period. James Investment Research Inc. bought a new position in Garmin during the first quarter worth $144,000. Capital Investment Advisors LLC boosted its position in Garmin by 25.5% in the first quarter. Capital Investment Advisors LLC now owns 56,709 shares of the scientific and technical instruments company’s stock worth $2,898,000 after buying an additional 11,517 shares during the period. Finally, Washington Trust Bank boosted its position in 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 worth $360,000 after buying an additional 4,729 shares during the period. 41.39% of the stock is owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (GRMN) opened at 51.21 on Friday. The stock has a market cap of $9.61 billion, a P/E ratio of 14.39 and a beta of 0.86. Garmin Ltd. has a 12 month low of $46.05 and a 12 month high of $55.74. The stock has a 50 day moving average price of $51.24 and a 200-day moving average price of $51.14.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The company had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period last year, the business posted $0.87 earnings per share. On average, analysts forecast that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio is currently 57.46%.
A number of research firms have recently weighed in on GRMN. Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a report on Monday, May 8th. BidaskClub cut Garmin from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Tigress Financial began coverage on Garmin in a report on Tuesday, May 2nd. They issued a “buy” rating for the company. Longbow Research reissued a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $51.21.
In other news, major shareholder Jonathan Burrell sold 200,000 shares of the firm’s stock in a transaction dated 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 filing with the SEC, which can be accessed through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated 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. Over the last ninety days, insiders sold 401,697 shares of company stock worth $20,978,956. 18.30% of the stock is currently 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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