Federated Investors Inc. PA Cuts Position in Garmin Ltd. (GRMN)
Federated Investors Inc. PA cut its stake in Garmin Ltd. (NASDAQ:GRMN) by 69.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,128 shares of the scientific and technical instruments company’s stock after selling 4,874 shares during the period. Federated Investors Inc. PA’s holdings in Garmin were worth $109,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. US Bancorp DE boosted its position in Garmin by 8.8% during 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. Ameritas Investment Partners Inc. purchased a new stake in Garmin during the first quarter valued at about $156,000. Botty Investors LLC purchased a new stake in Garmin during the first quarter valued at about $172,000. Cutler Group LP purchased a new stake in Garmin during the second quarter valued at about $188,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Garmin by 72.2% during the second 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 buying an additional 1,568 shares during the period. Institutional investors own 39.59% of the company’s stock.
Several research firms have issued reports on GRMN. Longbow Research restated a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Tigress Financial reiterated a “buy” rating on shares of Garmin in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. BidaskClub lowered shares of Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Morgan Stanley set a $50.00 target price on shares of Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $53.50.
In other Garmin news, insider Sean Biddlecombe sold 1,697 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jonathan Burrell sold 253,000 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $52.13, for a total transaction of $13,188,890.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 978,183 shares of company stock valued at $50,616,903. 18.30% of the stock is owned by corporate insiders.
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Garmin Ltd. (NASDAQ GRMN) opened at 53.20 on Tuesday. The company has a 50-day moving average of $51.82 and a 200-day moving average of $51.44. The company has a market capitalization of $9.99 billion, a P/E ratio of 14.95 and a beta of 0.85. Garmin Ltd. has a 1-year low of $46.80 and a 1-year high of $55.74.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.07. The company had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.87 EPS. Equities analysts expect 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 given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 3.83%. Garmin’s dividend payout ratio (DPR) is 57.46%.
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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