Strs Ohio Increases Stake in Garmin Ltd. (NASDAQ:GRMN)
Strs Ohio increased its holdings in Garmin Ltd. (NASDAQ:GRMN) by 102.4% in the second quarter, Holdings Channel.com reports. The firm owned 17,721 shares of the scientific and technical instruments company’s stock after acquiring an additional 8,967 shares during the period. Strs Ohio’s holdings in Garmin were worth $1,727,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in GRMN. Amundi Pioneer Asset Management Inc. increased its stake in Garmin by 30.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 233,012 shares of the scientific and technical instruments company’s stock valued at $20,121,000 after purchasing an additional 54,258 shares in the last quarter. Guggenheim Capital LLC grew its stake in shares of Garmin by 68.6% in the fourth quarter. Guggenheim Capital LLC now owns 61,832 shares of the scientific and technical instruments company’s stock worth $6,032,000 after acquiring an additional 25,167 shares during the period. Norges Bank bought a new stake in shares of Garmin in the fourth quarter worth approximately $131,328,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Garmin in the fourth quarter worth approximately $192,000. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Garmin by 169.0% in the fourth quarter. Quadrant Capital Group LLC now owns 382 shares of the scientific and technical instruments company’s stock worth $35,000 after buying an additional 240 shares during the last quarter. 46.89% of the stock is owned by institutional investors.
Shares of NASDAQ:GRMN opened at $98.59 on Friday. Garmin Ltd. has a twelve month low of $61.04 and a twelve month high of $105.58. The company’s 50 day moving average is $97.13 and its 200 day moving average is $89.16. The company has a current ratio of 2.80, a quick ratio of 2.74 and a debt-to-equity ratio of 0.01. The company has a market cap of $18.83 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 4.17 and a beta of 0.99.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Investors of record on Monday, March 15th will be issued a $0.61 dividend. The ex-dividend date of this dividend is Friday, March 12th. This represents a $2.44 annualized dividend and a yield of 2.47%. Garmin’s dividend payout ratio (DPR) is presently 54.83%.
In other Garmin news, CEO Clifton A. Pemble sold 14,720 shares of the company’s stock in a transaction that occurred on Friday, July 17th. The stock was sold at an average price of $99.91, for a total value of $1,470,675.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew Munn sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $80.84, for a total value of $121,260.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,038 shares of company stock worth $1,954,454. 22.00% of the stock is owned by corporate insiders.
Several brokerages have weighed in on GRMN. Colliers Secur. raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $118.00 price target on the stock in a report on Monday, June 15th. Morgan Stanley boosted their price objective on shares of Garmin from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Bank of America lowered their target price on shares of Garmin from $85.00 to $76.00 and set an “underperform” rating for the company in a research note on Monday, May 18th. Zacks Investment Research raised shares of Garmin from a “sell” rating to a “hold” rating and set a $91.00 price objective for the company in a research note on Wednesday, May 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Garmin from $101.00 to $110.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $95.43.
Garmin Company Profile
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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