Commonwealth Equity Services LLC lowered its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 6.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,106 shares of the scientific and technical instruments company’s stock after selling 1,386 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Garmin were worth $1,336,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in GRMN. Oregon Public Employees Retirement Fund grew its position in shares of Garmin by 5,916.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock worth $25,000 after purchasing an additional 1,560,423 shares in the last quarter. Vanguard Group Inc grew its position in shares of Garmin by 9.0% during the third quarter. Vanguard Group Inc now owns 12,760,863 shares of the scientific and technical instruments company’s stock worth $893,899,000 after purchasing an additional 1,057,737 shares in the last quarter. BlackRock Inc. grew its position in shares of Garmin by 8.6% during the third quarter. BlackRock Inc. now owns 12,033,536 shares of the scientific and technical instruments company’s stock worth $842,946,000 after purchasing an additional 947,858 shares in the last quarter. Select Equity Group L.P. grew its position in shares of Garmin by 263.0% during the third quarter. Select Equity Group L.P. now owns 558,205 shares of the scientific and technical instruments company’s stock worth $39,102,000 after purchasing an additional 404,449 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Garmin by 130.7% during the third quarter. Morgan Stanley now owns 618,279 shares of the scientific and technical instruments company’s stock worth $43,310,000 after purchasing an additional 350,248 shares in the last quarter. Hedge funds and other institutional investors own 42.35% of the company’s stock.
GRMN has been the subject of several research analyst reports. BidaskClub upgraded Garmin from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 13th. ValuEngine cut Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Morgan Stanley dropped their price target on Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, January 7th. Longbow Research lowered Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price target for the company. in a research note on Thursday, February 21st. They noted that the move was a valuation call. Finally, Credit Suisse Group increased their price target on Garmin from $58.00 to $71.00 and gave the company an “underperform” rating in a research note on Monday, February 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $77.19.
In other news, insider Clifton A. Pemble sold 2,683 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $82.38, for a total value of $221,025.54. Following the completion of the sale, the insider now directly owns 141,883 shares of the company’s stock, valued at approximately $11,688,321.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sean Biddlecombe sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $83.51, for a total value of $125,265.00. The disclosure for this sale can be found here. 17.85% of the stock is currently owned by corporate insiders.
Shares of Garmin stock opened at $83.25 on Friday. Garmin Ltd. has a 12 month low of $57.01 and a 12 month high of $85.50. The company has a market cap of $16.45 billion, a P/E ratio of 22.56, a PEG ratio of 3.10 and a beta of 0.92.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22. Garmin had a return on equity of 17.67% and a net margin of 20.74%. The company had revenue of $932.11 million during the quarter, compared to analyst estimates of $893.14 million. During the same period in the prior year, the company earned $0.79 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. On average, equities analysts anticipate that Garmin Ltd. will post 3.71 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Thursday, March 14th. Garmin’s payout ratio is presently 57.45%.
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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.
Further Reading: Short Selling
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