Jefferies Group LLC Has $3.14 Million Stake in Garmin Ltd. (GRMN)
Jefferies Group LLC cut its stake in Garmin Ltd. (NASDAQ:GRMN) by 51.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,710 shares of the scientific and technical instruments company’s stock after selling 56,942 shares during the quarter. Jefferies Group LLC’s holdings in Garmin were worth $3,140,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Heartland Advisors Inc. purchased a new position in shares of Garmin in the 4th quarter valued at $208,000. Garrison Financial Corp purchased a new position in shares of Garmin in the 4th quarter valued at $211,000. Sigma Planning Corp purchased a new position in shares of Garmin in the 3rd quarter valued at $241,000. LMR Partners LLP purchased a new position in shares of Garmin in the 4th quarter valued at $283,000. Finally, AXA purchased a new position in shares of Garmin in the 4th quarter valued at $370,000. Institutional investors and hedge funds own 37.95% of the company’s stock.
Garmin Ltd. (NASDAQ GRMN) opened at $60.99 on Friday. Garmin Ltd. has a one year low of $48.50 and a one year high of $65.96. The firm has a market capitalization of $12,080.72, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.40 and a beta of 0.97.
The firm also recently announced 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 represents a $2.12 annualized dividend and a yield of 3.48%. This is an increase from Garmin’s previous quarterly dividend of $0.51. Garmin’s payout ratio is 55.43%.
A number of research analysts have recently issued reports on GRMN shares. BidaskClub downgraded Garmin from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Credit Suisse Group reiterated an “underperform” rating and issued a $58.00 price target (up from $48.00) on shares of Garmin in a report on Tuesday, December 12th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a report on Friday, December 15th. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $57.13.
In other Garmin news, insider Clifton A. Pemble sold 36,208 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.00, for a total transaction of $2,353,520.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles Peffer sold 9,905 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $60.55, for a total value of $599,747.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,797 shares of company stock worth $3,116,088. 18.30% of the stock is owned by company insiders.
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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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