Elo Mutual Pension Insurance Co raised its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 1.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,347 shares of the scientific and technical instruments company’s stock after purchasing an additional 149 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Garmin were worth $1,364,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. State Board of Administration of Florida Retirement System lifted its holdings in Garmin by 0.7% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 190,827 shares of the scientific and technical instruments company’s stock valued at $22,834,000 after purchasing an additional 1,392 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Garmin by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,483,738 shares of the scientific and technical instruments company’s stock worth $177,544,000 after buying an additional 17,697 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Garmin during the fourth quarter worth $1,116,000. AGF Investments Inc. lifted its holdings in shares of Garmin by 7,490.0% during the fourth quarter. AGF Investments Inc. now owns 260,945 shares of the scientific and technical instruments company’s stock worth $31,225,000 after buying an additional 257,507 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Garmin by 44.7% during the fourth quarter. Sei Investments Co. now owns 31,936 shares of the scientific and technical instruments company’s stock worth $3,849,000 after buying an additional 9,863 shares in the last quarter. 51.52% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on GRMN. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating and set a $144.00 target price for the company. in a report on Monday, May 3rd. Credit Suisse Group lifted their target price on Garmin from $129.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, April 29th. Deutsche Bank Aktiengesellschaft lifted their target price on Garmin from $120.00 to $130.00 and gave the stock a “hold” rating in a report on Thursday, February 18th. Finally, Morgan Stanley raised their price target on Garmin from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 29th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $135.57.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, April 28th. The scientific and technical instruments company reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.30. Garmin had a return on equity of 19.71% and a net margin of 23.88%. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $930.06 million. During the same quarter last year, the business earned $0.91 earnings per share. Garmin’s revenue was up 25.3% on a year-over-year basis. Sell-side analysts predict that Garmin Ltd. will post 5.3 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 31st. Shareholders of record on Tuesday, March 15th will be given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Monday, March 14th. Garmin’s dividend payout ratio is presently 47.47%.
In other Garmin news, Director Philip Straub sold 5,898 shares of Garmin stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $144.74, for a total value of $853,676.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jonathan Burrell sold 150,000 shares of Garmin stock in a transaction dated Wednesday, June 2nd. The shares were sold at an average price of $142.06, for a total value of $21,309,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 248,468 shares of company stock worth $35,248,096. Company insiders own 21.39% of the company’s stock.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
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