Fjarde AP Fonden Fourth Swedish National Pension Fund Has $1.68 Million Stake in Garmin Ltd. (GRMN)
Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Garmin Ltd. (NASDAQ:GRMN) by 32.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,005 shares of the scientific and technical instruments company’s stock after purchasing an additional 8,118 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Garmin were worth $1,684,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in GRMN. US Bancorp DE raised its holdings in shares of Garmin by 8.8% in the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after purchasing an additional 180 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its holdings in shares of Garmin by 11.4% in the 1st 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 purchasing an additional 323 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Garmin in the 1st quarter valued at $156,000. Botty Investors LLC acquired a new stake in shares of Garmin in the 1st quarter valued at $172,000. Finally, Cutler Group LP acquired a new stake in shares of Garmin in the 2nd quarter valued at $188,000. Institutional investors and hedge funds own 39.79% of the company’s stock.
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A number of equities research analysts have recently weighed in on the stock. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. BidaskClub lowered shares of Garmin from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Longbow Research restated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the company a “hold” rating in a report on Monday, July 31st. Finally, Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Monday, May 8th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $53.50.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 51.82 on Tuesday. Garmin Ltd. has a 52 week low of $46.05 and a 52 week high of $55.74. The company’s 50-day moving average is $51.54 and its 200 day moving average is $51.41. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 14.56 and a beta of 0.85.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. During the same period in the prior year, the firm posted $0.87 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Analysts anticipate that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.94%. Garmin’s dividend payout ratio (DPR) is 57.46%.
In other Garmin news, major shareholder Jonathan Burrell sold 232,000 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $51.36, for a total transaction of $11,915,520.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The disclosure for this sale can be found here. Insiders have sold a total of 465,197 shares of company stock worth $23,856,276 over the last quarter. 18.30% of the stock is currently owned by 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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