Aviva PLC Increases Stake in Garmin Ltd. (GRMN)
Aviva PLC boosted its position in Garmin Ltd. (NASDAQ:GRMN) by 4.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,015 shares of the scientific and technical instruments company’s stock after buying an additional 3,020 shares during the period. Aviva PLC’s holdings in Garmin were worth $3,675,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE increased its stake 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. Mn Services Vermogensbeheer B.V. boosted its position in shares of 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 period. Ameritas Investment Partners Inc. bought a new position in shares of Garmin during the first quarter worth approximately $156,000. Botty Investors LLC bought a new position in shares of Garmin during the first quarter worth approximately $172,000. Finally, Cutler Group LP bought a new position in shares of Garmin during the second quarter worth approximately $188,000. 39.76% of the stock is currently owned by institutional investors and hedge funds.
Garmin Ltd. (NASDAQ:GRMN) opened at 51.82 on Friday. Garmin Ltd. has a one year low of $46.05 and a one year high of $55.74. The stock has a market cap of $9.73 billion, a PE ratio of 14.56 and a beta of 0.85. The stock has a 50 day moving average price of $51.54 and a 200-day moving average price of $51.41.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the 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 firm had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. During the same quarter last year, the firm earned $0.87 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 3.94%. Garmin’s dividend payout ratio is presently 57.46%.
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A number of brokerages have recently commented on GRMN. Longbow Research reiterated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Tigress Financial reiterated a “buy” rating on shares of Garmin in a report on Monday, July 10th. Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a report on Monday, May 8th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Finally, BidaskClub cut Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $53.50.
In related news, major shareholder Jonathan Burrell sold 232,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $51.36, for a total value of $11,915,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were 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. In the last ninety days, insiders sold 465,197 shares of company stock valued at $23,856,276. 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.
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