WBI Investments Inc. lessened its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 21.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,014 shares of the scientific and technical instruments company’s stock after selling 30,530 shares during the period. WBI Investments Inc. owned about 0.06% of Garmin worth $5,665,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. US Bancorp DE grew its holdings in shares of Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after acquiring an additional 180 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Garmin during the 1st quarter worth approximately $156,000. Botty Investors LLC purchased a new position in shares of Garmin during the 1st quarter worth approximately $172,000. Cutler Group LP purchased a new position in shares of Garmin during the 2nd quarter worth approximately $188,000. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in shares of Garmin by 72.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after acquiring an additional 1,568 shares during the period. Institutional investors own 39.79% of the company’s stock.
Garmin Ltd. (NASDAQ:GRMN) traded up 0.58% during mid-day trading on Tuesday, hitting $52.45. The company had a trading volume of 276,694 shares. The company has a 50 day moving average of $51.70 and a 200 day moving average of $51.42. Garmin Ltd. has a 1-year low of $46.05 and a 1-year high of $55.74. The firm has a market capitalization of $9.85 billion, a PE ratio of 14.74 and a beta of 0.85.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The company had revenue of $816.89 million for the quarter, compared to analyst estimates of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. Garmin’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.87 earnings per share. Analysts predict that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 3.91%. The ex-dividend date is Thursday, September 14th. Garmin’s payout ratio is 57.46%.
In related news, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jonathan Burrell sold 232,000 shares of Garmin stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $51.36, for a total transaction of $11,915,520.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 469,110 shares of company stock worth $24,060,614. 18.30% of the stock is currently owned by corporate insiders.
GRMN has been the topic of a number of research analyst reports. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial reiterated a “buy” rating on shares of Garmin in a report on Monday, July 10th. BidaskClub upgraded Garmin from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 22nd. Morgan Stanley set a $50.00 target price on Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Garmin has a consensus rating of “Hold” and an average price target of $53.50.
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Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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