Glenmede Trust Co. NA cut its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 1.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Garmin by 1.1% during the first quarter. Geode Capital Management LLC now owns 2,905,535 shares of the scientific and technical instruments company’s stock worth $382,211,000 after buying an additional 33,026 shares in the last quarter. Janus Henderson Group PLC grew its stake in Garmin by 13.4% in the first quarter. Janus Henderson Group PLC now owns 2,002,694 shares of the scientific and technical instruments company’s stock valued at $264,055,000 after purchasing an additional 237,424 shares in the last quarter. Northern Trust Corp grew its stake in Garmin by 1.2% in the first quarter. Northern Trust Corp now owns 1,727,094 shares of the scientific and technical instruments company’s stock valued at $227,718,000 after purchasing an additional 20,638 shares in the last quarter. Norges Bank bought a new position in Garmin in the fourth quarter valued at approximately $192,181,000. Finally, Dimensional Fund Advisors LP grew its stake in Garmin by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,494,894 shares of the scientific and technical instruments company’s stock valued at $197,088,000 after purchasing an additional 11,156 shares in the last quarter. Institutional investors and hedge funds own 51.47% of the company’s stock.
A number of research analysts have weighed in on GRMN shares. Credit Suisse Group raised their price target on Garmin from $129.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, April 29th. Bank of America downgraded Garmin from a “buy” rating to a “neutral” rating and set a $155.00 price target for the company. in a research note on Tuesday, June 22nd. Morgan Stanley raised their price target on Garmin from $134.00 to $138.00 and gave the company an “equal weight” rating in a research note on Thursday, April 29th. Finally, 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 research note on Monday, May 3rd. Six equities research 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 a consensus target price of $140.00.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, April 28th. The scientific and technical instruments company reported $1.18 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $930.06 million. During the same period in the previous year, the company posted $0.91 EPS. The firm’s revenue for the quarter was up 25.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Garmin Ltd. will post 5.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 31st. Investors of record on Tuesday, March 15th will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Monday, March 14th. This represents a $2.68 annualized dividend and a yield of 1.76%. Garmin’s payout ratio is currently 52.14%.
In related news, Director Jonathan Burrell sold 84,237 shares of Garmin stock in a transaction that occurred on Friday, May 28th. The stock was sold at an average price of $142.58, for a total transaction of $12,010,511.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sean Biddlecombe sold 1,079 shares of Garmin stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $137.56, for a total value of $148,427.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 241,214 shares of company stock valued at $34,321,615. 21.39% of the stock is currently owned by insiders.
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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