State of Wisconsin Investment Board Acquires 38,020 Shares of Garmin Ltd. (GRMN)
State of Wisconsin Investment Board raised its position in Garmin Ltd. (NASDAQ:GRMN) by 46.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 120,741 shares of the scientific and technical instruments company’s stock after buying an additional 38,020 shares during the period. State of Wisconsin Investment Board owned approximately 0.06% of Garmin worth $6,161,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in GRMN. BlackRock Inc. boosted its stake in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock worth $556,544,000 after buying an additional 10,647,400 shares during the period. State Street Corp boosted its stake in shares of Garmin by 4.2% in the first quarter. State Street Corp now owns 6,279,175 shares of the scientific and technical instruments company’s stock worth $320,928,000 after buying an additional 254,455 shares during the period. Geode Capital Management LLC boosted its stake in shares of Garmin by 5.0% in the first quarter. Geode Capital Management LLC now owns 1,265,406 shares of the scientific and technical instruments company’s stock worth $64,594,000 after buying an additional 59,945 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Garmin by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,089,439 shares of the scientific and technical instruments company’s stock worth $55,680,000 after buying an additional 91,637 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock worth $41,917,000 after buying an additional 621,665 shares during the period. Institutional investors and hedge funds own 39.76% of the company’s stock.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 51.49 on Wednesday. Garmin Ltd. has a 12-month low of $46.05 and a 12-month high of $55.74. The stock has a market cap of $9.66 billion, a PE ratio of 14.47 and a beta of 0.86. The stock’s 50 day moving average is $51.37 and its 200-day moving average is $51.33.
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 for the quarter, topping analysts’ consensus estimates of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. During the same quarter last year, the company earned $0.87 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that Garmin Ltd. will post $2.80 EPS for the current 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 issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.96%. Garmin’s payout ratio is currently 57.46%.
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A number of equities research analysts have weighed in on GRMN shares. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, May 4th. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Tigress Financial restated a “buy” rating on shares of Garmin in a report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) upped their price objective on shares of Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a report on Thursday, May 4th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $53.50.
In other Garmin news, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Jonathan Burrell sold 232,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $51.36, for a total transaction of $11,915,520.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 465,197 shares of company stock worth $23,856,276. 18.30% of the stock is owned by corporate insiders.
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.
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