Captrust Financial Advisors Purchases 23,697 Shares of Garmin Ltd. (NASDAQ:GRMN)
Captrust Financial Advisors boosted its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 4,601.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,212 shares of the scientific and technical instruments company’s stock after acquiring an additional 23,697 shares during the period. Captrust Financial Advisors’ holdings in Garmin were worth $2,381,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Schonfeld Strategic Advisors LLC bought a new position in Garmin during the fourth quarter valued at about $712,000. Bank of America Corp DE increased its stake in Garmin by 7.5% during the fourth quarter. Bank of America Corp DE now owns 200,526 shares of the scientific and technical instruments company’s stock valued at $19,562,000 after acquiring an additional 13,925 shares during the period. UBS Asset Management Americas Inc. increased its stake in Garmin by 6.6% during the fourth quarter. UBS Asset Management Americas Inc. now owns 516,883 shares of the scientific and technical instruments company’s stock valued at $50,427,000 after acquiring an additional 31,994 shares during the period. Marshall Wace LLP increased its stake in Garmin by 35.6% during the fourth quarter. Marshall Wace LLP now owns 469,421 shares of the scientific and technical instruments company’s stock valued at $45,796,000 after acquiring an additional 123,268 shares during the period. Finally, Marshall Wace North America L.P. boosted its holdings in Garmin by 19.7% during the fourth quarter. Marshall Wace North America L.P. now owns 482,491 shares of the scientific and technical instruments company’s stock valued at $47,071,000 after purchasing an additional 79,472 shares in the last quarter. Hedge funds and other institutional investors own 47.89% of the company’s stock.
A number of equities research analysts have weighed in on the company. Credit Suisse Group lifted their price objective on Garmin from $100.00 to $104.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. BidaskClub downgraded Garmin from a “hold” rating to a “sell” rating in a report on Friday, February 7th. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating and set a $103.00 price objective on the stock. in a report on Tuesday, February 18th. JPMorgan Chase & Co. raised Garmin from a “neutral” rating to an “overweight” rating and set a $100.00 price objective on the stock in a report on Monday, March 2nd. Finally, ValuEngine raised Garmin from a “sell” rating to a “hold” rating in a report on Tuesday, March 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $97.60.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.29. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.01 billion. Garmin had a return on equity of 19.26% and a net margin of 25.35%. The company’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 earnings per share. On average, analysts predict that Garmin Ltd. will post 4.61 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.61 dividend. This is an increase from Garmin’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, June 12th. Garmin’s payout ratio is presently 51.24%.
In other Garmin news, Director Joseph J. Hartnett bought 650 shares of Garmin stock in a transaction dated Friday, March 13th. The shares were acquired at an average cost of $74.53 per share, with a total value of $48,444.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sean Biddlecombe sold 652 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $99.33, for a total value of $64,763.16. The disclosure for this sale can be found here. 23.83% of the stock is owned by insiders.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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