Rockland Trust Co. lowered its position in Garmin Ltd. (NASDAQ:GRMN) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,947 shares of the scientific and technical instruments company’s stock after selling 1,490 shares during the period. Rockland Trust Co.’s holdings in Garmin were worth $1,834,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. US Bancorp DE raised its stake in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares during the last quarter. James Investment Research Inc. acquired a new stake in Garmin during the first quarter worth $144,000. Mn Services Vermogensbeheer B.V. raised its stake in Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock worth $151,000 after buying an additional 323 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Garmin during the first quarter worth approximately $156,000. Finally, Botty Investors LLC purchased a new stake in Garmin during the first quarter worth approximately $172,000. 42.88% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded down 0.06% on Friday, reaching $51.17. 717,034 shares of the company traded hands. Garmin Ltd. has a one year low of $46.05 and a one year high of $55.74. The stock’s 50 day moving average price is $51.31 and its 200-day moving average price is $51.24. The stock has a market capitalization of $9.60 billion, a P/E ratio of 14.38 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. During the same quarter in the previous year, the business posted $0.87 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio (DPR) is presently 57.46%.
GRMN has been the topic of a number of analyst reports. Tigress Financial initiated coverage on shares of Garmin in a research note on Tuesday, May 2nd. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, May 4th. Longbow Research reaffirmed a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $51.21.
In other news, major shareholder Jonathan Burrell sold 100,000 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $52.46, for a total transaction of $5,246,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $87,955.51. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 633,697 shares of company stock worth $32,894,476. Company insiders own 18.30% of the company’s stock.
About Garmin
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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