Edmond DE Rothschild Holding S.A. Trims Holdings in Garmin Ltd. (GRMN)
Edmond DE Rothschild Holding S.A. cut its stake in Garmin Ltd. (NASDAQ:GRMN) by 50.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,095 shares of the scientific and technical instruments company’s stock after selling 2,125 shares during the period. Edmond DE Rothschild Holding S.A.’s holdings in Garmin were worth $132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently modified their holdings of the business. Nikko Asset Management Americas Inc. lifted its holdings in shares of Garmin by 207.7% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 437 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 295 shares during the period. Enlightenment Research LLC acquired a new stake in shares of Garmin during the 4th quarter worth about $38,000. Meeder Asset Management Inc. acquired a new stake in shares of Garmin during the 4th quarter worth about $64,000. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of Garmin during the 3rd quarter worth about $100,000. Finally, Synovus Financial Corp increased its position in shares of Garmin by 72.0% during the 4th quarter. Synovus Financial Corp now owns 1,720 shares of the scientific and technical instruments company’s stock worth $109,000 after purchasing an additional 720 shares in the last quarter. 42.35% of the stock is owned by hedge funds and other institutional investors.
GRMN opened at $83.25 on Monday. The stock has a market capitalization of $16.45 billion, a price-to-earnings ratio of 22.56, a P/E/G ratio of 3.10 and a beta of 0.92. Garmin Ltd. has a 1-year low of $57.01 and a 1-year high of $85.50.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.55%. The ex-dividend date is Thursday, March 14th. Garmin’s payout ratio is presently 57.45%.
A number of equities research analysts recently issued reports on GRMN shares. Morgan Stanley dropped their target price on shares of Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, January 7th. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $93.00 target price for the company in a research report on Monday, February 25th. BidaskClub upgraded shares of Garmin from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 13th. Longbow Research cut shares of Garmin from a “buy” rating to a “neutral” rating and set a $81.95 target price for the company. in a research report on Thursday, February 21st. They noted that the move was a valuation call. Finally, ValuEngine cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and an average price target of $77.19.
In other Garmin news, insider Clifton A. Pemble sold 2,683 shares of the firm’s stock in a transaction dated Thursday, February 21st. The shares were 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 owns 141,883 shares in the company, valued at approximately $11,688,321.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 1,500 shares of the firm’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $83.51, for a total transaction of $125,265.00. The disclosure for this sale can be found here. Company insiders own 17.85% of the company’s stock.
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.
Recommended Story: Yield Curve
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 & Ratings for Garmin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin and related companies with MarketBeat.com's FREE daily email newsletter.