Dai Ichi Life Insurance Company Ltd continued to hold its stake in Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,312 shares of the scientific and technical instruments company’s stock at the close of the second quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Garmin were worth $628,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GRMN. US Bancorp DE boosted its stake 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 in the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Garmin during the 1st quarter worth $156,000. Botty Investors LLC bought a new stake in shares of Garmin during the 1st quarter worth $172,000. Cutler Group LP bought a new stake in shares of Garmin during the 2nd quarter worth $188,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake 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 in the last quarter. 39.79% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on GRMN. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub lowered Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Finally, Morgan Stanley set a $50.00 price objective on Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Garmin has an average rating of “Hold” and a consensus target price of $53.50.
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In other news, insider Sean Biddlecombe sold 1,697 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.83, for a total value of $87,955.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Andrew R. Etkind sold 2,189 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total transaction of $113,828.00. The disclosure for this sale can be found here. Insiders sold a total of 976,110 shares of company stock valued at $50,507,034 in the last three months. 18.30% of the stock is owned by company insiders.
Shares of Garmin Ltd. (GRMN) opened at 52.48 on Friday. Garmin Ltd. has a 12 month low of $46.80 and a 12 month high of $55.74. The stock has a 50 day moving average price of $51.74 and a 200 day moving average price of $51.44. The firm has a market cap of $9.85 billion, a PE ratio of 14.75 and a beta of 0.85.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. During the same quarter in the previous year, the business earned $0.87 EPS. The firm’s revenue was up .7% on a year-over-year basis. On average, equities research analysts expect that Garmin Ltd. will post $2.80 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio (DPR) is 57.46%.
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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