Victory Capital Management Inc. increased its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 8.3% during the 4th quarter, HoldingsChannel reports. The fund owned 15,359 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,175 shares during the period. Victory Capital Management Inc.’s holdings in Garmin were worth $915,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of GRMN. APG Asset Management N.V. boosted its stake in Garmin by 102.2% during the third quarter. APG Asset Management N.V. now owns 260,194 shares of the scientific and technical instruments company’s stock worth $14,043,000 after acquiring an additional 131,500 shares in the last quarter. First Trust Advisors LP boosted its stake in Garmin by 6.8% during the third quarter. First Trust Advisors LP now owns 558,346 shares of the scientific and technical instruments company’s stock worth $30,134,000 after acquiring an additional 35,647 shares in the last quarter. Aperio Group LLC boosted its stake in Garmin by 5.4% during the third quarter. Aperio Group LLC now owns 57,571 shares of the scientific and technical instruments company’s stock worth $3,107,000 after acquiring an additional 2,931 shares in the last quarter. Calamos Advisors LLC lifted its stake in shares of Garmin by 3.6% in the third quarter. Calamos Advisors LLC now owns 55,020 shares of the scientific and technical instruments company’s stock valued at $2,969,000 after buying an additional 1,898 shares in the last quarter. Finally, Segment Wealth Management LLC lifted its stake in shares of Garmin by 17.8% in the third quarter. Segment Wealth Management LLC now owns 58,078 shares of the scientific and technical instruments company’s stock valued at $3,134,000 after buying an additional 8,790 shares in the last quarter. 40.57% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the stock. BidaskClub raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, February 8th. Morgan Stanley raised their price objective on shares of Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. Credit Suisse Group reaffirmed a “hold” rating on shares of Garmin in a research note on Thursday, February 22nd. Robert W. Baird reaffirmed a “neutral” rating and issued a $60.00 price objective (up from $57.00) on shares of Garmin in a research note on Thursday, February 22nd. Finally, Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Garmin has an average rating of “Hold” and an average price target of $57.13.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.04. The company had revenue of $888.49 million during the quarter, compared to the consensus estimate of $872.73 million. Garmin had a net margin of 22.51% and a return on equity of 15.16%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.73 earnings per share. equities analysts predict that Garmin Ltd. will post 3.05 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Monday, June 18th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.50%. This is an increase from Garmin’s previous quarterly dividend of $0.51. Garmin’s dividend payout ratio is currently 55.43%.
In other news, insider Sean Biddlecombe sold 755 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $60.80, for a total value of $45,904.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Jonathan Burrell sold 254,000 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $62.45, for a total transaction of $15,862,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 290,963 shares of company stock valued at $18,261,724. 18.30% of the stock is currently owned by corporate insiders.
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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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