Garmin Ltd. (GRMN) Shares Bought by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan increased its position in Garmin Ltd. (NASDAQ:GRMN) by 29.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 14,430 shares of the scientific and technical instruments company’s stock after buying an additional 3,260 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Garmin were worth $736,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. US Bancorp DE boosted its position in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares during the last quarter. James Investment Research Inc. bought a new position in Garmin during the first quarter worth approximately $144,000. Mn Services Vermogensbeheer B.V. boosted its position in Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock worth $151,000 after buying an additional 323 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Garmin during the first quarter worth approximately $156,000. Finally, Botty Investors LLC bought a new position in Garmin during the first quarter worth approximately $172,000. Hedge funds and other institutional investors own 42.88% of the company’s stock.
Shares of Garmin Ltd. (GRMN) opened at 51.40 on Wednesday. The firm’s 50 day moving average is $51.26 and its 200 day moving average is $51.20. The stock has a market capitalization of $9.65 billion, a price-to-earnings ratio of 14.44 and a beta of 0.86. Garmin Ltd. has a 52-week low of $46.05 and a 52-week high of $55.74.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping the Zacks’ 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 business had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. During the same period in the previous year, the company posted $0.87 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s dividend payout ratio is presently 57.46%.
A number of research analysts have recently commented on GRMN shares. Tigress Financial started coverage on shares of Garmin in a report on Tuesday, May 2nd. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, May 4th. Longbow Research reiterated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. 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. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Garmin presently has a consensus rating of “Hold” and a consensus price target of $51.21.
In other news, major shareholder Jonathan Burrell sold 232,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $51.36, for a total transaction of $11,915,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the business’s stock in a transaction dated 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. Over the last three months, insiders have sold 633,697 shares of company stock valued at $32,894,476. Corporate insiders own 18.30% of the company’s stock.
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.
Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NASDAQ:GRMN).
Receive News & Stock Ratings for Garmin Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin Ltd. and related stocks with our FREE daily email newsletter.