Jag Capital Management LLC Takes $12.57 Million Position in Garmin Ltd. (GRMN)
Jag Capital Management LLC acquired a new stake in Garmin Ltd. (NASDAQ:GRMN) during the first quarter, Holdings Channel reports. The firm acquired 145,536 shares of the scientific and technical instruments company’s stock, valued at approximately $12,567,000. Garmin accounts for 2.1% of Jag Capital Management LLC’s holdings, making the stock its 26th largest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Oregon Public Employees Retirement Fund boosted its holdings in shares of Garmin by 5,916.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock valued at $25,000 after acquiring an additional 1,560,423 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in shares of Garmin by 207.7% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 437 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 295 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Garmin by 244.4% in the first quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock valued at $32,000 after acquiring an additional 264 shares in the last quarter. Enlightenment Research LLC purchased a new stake in shares of Garmin in the fourth quarter valued at about $38,000. Finally, Liberty Wealth Management LLC purchased a new stake in shares of Garmin in the fourth quarter valued at about $39,000. Institutional investors own 43.02% of the company’s stock.
In other Garmin news, EVP Patrick Desbois sold 1,749 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $86.00, for a total value of $150,414.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Clifton A. Pemble sold 2,683 shares of the company’s stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $82.38, for a total transaction of $221,025.54. Following the completion of the sale, the insider now directly owns 141,883 shares in the company, valued at approximately $11,688,321.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,932 shares of company stock worth $496,705. 17.85% of the stock is owned by insiders.
GRMN stock traded down $0.29 during trading on Monday, reaching $88.66. 755,572 shares of the company were exchanged, compared to its average volume of 1,166,051. The company has a market cap of $17.61 billion, a P/E ratio of 24.03, a P/E/G ratio of 3.26 and a beta of 0.92. Garmin Ltd. has a 52-week low of $57.01 and a 52-week high of $89.72.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.22. The firm had revenue of $932.11 million for the quarter, compared to the consensus estimate of $893.14 million. Garmin had a net margin of 20.74% and a return on equity of 17.67%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 earnings per share. As a group, analysts predict that Garmin Ltd. will post 3.71 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Thursday, March 14th. Garmin’s dividend payout ratio is currently 57.45%.
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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.
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