Garmin Ltd. (GRMN) Stake Owned by Burrell Jonathan
disclosed that they own a 14.7% stake in Garmin Ltd. (NASDAQ:GRMN) in a Form 13G/A disclosure that was filed with the Securities and Exchange Commission on Wednesday, August 23rd. The investor owns 27,562,130 shares of the stock valued at about $1,424,962,121. The filing is available through the SEC website at this link.
provided the following explanation of their ownership:
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Several other hedge funds have also recently modified their holdings of the company. WFG Advisors LP raised its position in Garmin by 11.5% in the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after buying an additional 225 shares during the period. US Bancorp DE raised its position in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after buying an additional 180 shares during the period. James Investment Research Inc. bought a new position in Garmin during the first quarter valued at approximately $144,000. Mn Services Vermogensbeheer B.V. raised its position in 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 during the period. Finally, Ameritas Investment Partners Inc. bought a new position in Garmin during the first quarter valued at approximately $156,000. Institutional investors and hedge funds own 42.88% of the company’s stock.
Shares of Garmin Ltd. (NASDAQ GRMN) traded up 1.14% during trading on Wednesday, hitting $52.29. The company’s stock had a trading volume of 605,533 shares. The firm’s 50 day moving average is $51.31 and its 200-day moving average is $51.29. Garmin Ltd. has a 1-year low of $46.05 and a 1-year high of $55.74. The company has a market capitalization of $9.81 billion, a P/E ratio of 14.69 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the 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 company had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Analysts forecast that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The company also recently announced 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 3.95%. The ex-dividend date is Thursday, September 14th. Garmin’s payout ratio is 57.46%.
Several research firms recently commented on GRMN. Longbow Research reissued a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. BidaskClub raised Garmin from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Goldman Sachs Group, Inc. (The) boosted their price target on Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, May 4th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Finally, Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Garmin presently has a consensus rating of “Hold” and an average target price of $51.21.
In other news, major shareholder Jonathan Burrell sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $52.46, for a total value of $5,246,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sean Biddlecombe sold 1,697 shares of the company’s stock in a transaction that occurred on 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. Insiders sold 633,697 shares of company stock worth $32,894,476 in the last ninety days. 18.30% of the stock is owned by company insiders.
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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