Mercer Global Advisors Inc. ADV bought a new position in shares of Garmin Ltd. (NASDAQ:GRMN) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 13,757 shares of the scientific and technical instruments company’s stock, valued at approximately $871,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank increased its position in Garmin by 244.4% during the 1st quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock worth $32,000 after purchasing an additional 264 shares during the period. Nikko Asset Management Americas Inc. increased its position in 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 purchasing an additional 295 shares during the period. Enlightenment Research LLC acquired a new position in Garmin during the 4th quarter worth approximately $38,000. Liberty Wealth Management LLC acquired a new position in Garmin during the 4th quarter worth approximately $39,000. Finally, Meeder Asset Management Inc. acquired a new position in Garmin during the 4th quarter worth approximately $64,000. Institutional investors own 43.02% of the company’s stock.
Several research firms have issued reports on GRMN. Zacks Investment Research upgraded Garmin from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research report on Monday, February 25th. Longbow Research set a $75.00 target price on Garmin and gave the stock a “buy” rating in a research report on Tuesday, February 19th. Credit Suisse Group boosted their target price on Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a research report on Monday, February 25th. Morgan Stanley dropped their target price on Garmin from $77.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Monday, January 7th. Finally, ValuEngine cut Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $77.19.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.22. The business had revenue of $932.11 million for the quarter, compared to analyst estimates of $893.14 million. Garmin had a return on equity of 17.67% and a net margin of 20.74%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.79 EPS. As a group, research analysts expect that Garmin Ltd. will post 3.71 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, March 14th. Garmin’s dividend payout ratio (DPR) is 57.45%.
In other news, Director Sean Biddlecombe sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $83.51, for a total transaction of $125,265.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clifton A. Pemble sold 2,683 shares of the business’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $82.38, for a total value of $221,025.54. Following 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. Insiders have sold a total of 5,932 shares of company stock worth $496,705 in the last three months. Corporate insiders own 17.85% of the company’s stock.
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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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