Driehaus Capital Management LLC purchased a new stake in Garmin Ltd. (NASDAQ:GRMN) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 18,745 shares of the scientific and technical instruments company’s stock, valued at approximately $1,117,000.
A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. boosted its position in Garmin by 1.3% in the 4th quarter. BlackRock Inc. now owns 11,270,906 shares of the scientific and technical instruments company’s stock valued at $671,406,000 after buying an additional 141,665 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Garmin by 24.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,012,907 shares of the scientific and technical instruments company’s stock valued at $119,907,000 after buying an additional 393,740 shares during the period. Geode Capital Management LLC boosted its position in Garmin by 14.6% in the 4th quarter. Geode Capital Management LLC now owns 1,506,624 shares of the scientific and technical instruments company’s stock valued at $89,595,000 after buying an additional 191,405 shares during the period. Schroder Investment Management Group boosted its position in Garmin by 12.6% in the 4th quarter. Schroder Investment Management Group now owns 1,460,465 shares of the scientific and technical instruments company’s stock valued at $87,000,000 after buying an additional 163,211 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Garmin by 5.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,282,094 shares of the scientific and technical instruments company’s stock valued at $69,195,000 after buying an additional 62,596 shares during the period. 39.37% of the stock is owned by institutional investors.
In related news, VP Andrew R. Etkind sold 1,929 shares of Garmin stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $60.61, for a total transaction of $116,916.69. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Charles Peffer sold 9,905 shares of Garmin stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $60.55, for a total transaction of $599,747.75. The disclosure for this sale can be found here. Insiders have sold a total of 48,042 shares of company stock worth $3,070,184 over the last quarter. 18.30% of the stock is owned by company insiders.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.04. The business had revenue of $888.49 million during the quarter, compared to analysts’ expectations of $872.73 million. Garmin had a net margin of 22.51% and a return on equity of 15.16%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.73 EPS. analysts predict that Garmin Ltd. will post 3.05 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Monday, June 18th will be paid a dividend of $0.53 per share. This is a positive change from Garmin’s previous quarterly dividend of $0.51. This represents a $2.12 annualized dividend and a yield of 3.47%. Garmin’s dividend payout ratio (DPR) is currently 55.43%.
Several equities analysts have commented on GRMN shares. BidaskClub cut shares of Garmin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Friday, December 15th. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Thursday, January 4th. Finally, Credit Suisse Group reaffirmed a “hold” rating on shares of Garmin in a research report on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $57.13.
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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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