Glenmede Trust Co. NA cut its stake in Garmin Ltd. (NASDAQ:GRMN) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 75,920 shares of the scientific and technical instruments company’s stock after selling 1,468 shares during the quarter. Glenmede Trust Co. NA’s holdings in Garmin were worth $10,009,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Harbour Investments Inc. purchased a new stake in shares of Garmin in the first quarter worth approximately $27,000. Arkadios Wealth Advisors raised its stake in shares of Garmin by 74.8% in the first quarter. Arkadios Wealth Advisors now owns 215 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 92 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Garmin in the first quarter worth approximately $30,000. Tompkins Financial Corp purchased a new stake in shares of Garmin in the fourth quarter worth approximately $31,000. Finally, Reilly Financial Advisors LLC purchased a new stake in shares of Garmin in the first quarter worth approximately $35,000. 51.47% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently commented on the company. Credit Suisse Group increased their price objective on Garmin from $129.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, April 29th. Morgan Stanley upped their target price on Garmin from $134.00 to $138.00 and gave the company an “equal weight” rating in a report on Thursday, April 29th. Bank of America lowered Garmin from a “buy” rating to a “neutral” rating and set a $155.00 target price for the company. in a report on Tuesday, June 22nd. Finally, Zacks Investment Research lowered 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. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Garmin has a consensus rating of “Hold” and an average target price of $140.00.
Shares of NASDAQ GRMN opened at $151.97 on Thursday. The firm’s fifty day moving average price is $143.87. Garmin Ltd. has a 1-year low of $91.84 and a 1-year high of $152.49. The company has a market capitalization of $29.20 billion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 4.13 and a beta of 1.04.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, April 28th. The scientific and technical instruments company reported $1.18 earnings per share for the quarter, beating the 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 business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $930.06 million. During the same period in the prior year, the company earned $0.91 earnings per share. Garmin’s revenue was up 25.3% compared to the same quarter last year. On average, research analysts anticipate that Garmin Ltd. will post 5.33 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 31st. Shareholders of record on Tuesday, March 15th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Monday, March 14th. Garmin’s dividend payout ratio (DPR) is 52.14%.
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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