Laurion Capital Management LP Purchases 28,600 Shares of Garmin Ltd. (GRMN)
Laurion Capital Management LP grew its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 365.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,428 shares of the scientific and technical instruments company’s stock after purchasing an additional 28,600 shares during the quarter. Laurion Capital Management LP’s holdings in Garmin were worth $1,859,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of GRMN. US Bancorp DE increased its holdings in shares of Garmin by 8.8% during 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. Ameritas Investment Partners Inc. purchased a new position in shares of Garmin during the 1st quarter valued at approximately $156,000. Botty Investors LLC purchased a new position in shares of Garmin during the 1st quarter valued at approximately $172,000. Cutler Group LP purchased a new position in shares of Garmin during the 2nd quarter valued at approximately $188,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in shares of Garmin by 72.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock valued at $191,000 after purchasing an additional 1,568 shares in the last quarter. 39.59% of the stock is owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 52.18 on Thursday. Garmin Ltd. has a one year low of $46.80 and a one year high of $55.74. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 14.66 and a beta of 0.85. The company has a 50-day moving average of $51.82 and a 200 day moving average of $51.44.
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 for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $806.67 million. During the same period last year, the company earned $0.87 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio is presently 57.46%.
In other Garmin news, VP Andrew R. Etkind sold 2,189 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $52.00, for a total value of $113,828.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction on 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 sold 976,110 shares of company stock valued at $50,507,034 in the last quarter. 18.30% of the stock is currently owned by company insiders.
Several equities analysts have recently weighed in on GRMN shares. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Monday, July 10th. BidaskClub raised shares of Garmin from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 22nd. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.50.
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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