Garmin Ltd. (GRMN) Holdings Trimmed by Aberdeen Asset Management PLC UK

Aberdeen Asset Management PLC UK cut its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 64.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,951 shares of the scientific and technical instruments company’s stock after selling 89,191 shares during the period. Aberdeen Asset Management PLC UK’s holdings in Garmin were worth $2,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GRMN. BlackRock Inc. lifted its stake in Garmin by 4,403.5% during the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock worth $556,544,000 after purchasing an additional 10,647,400 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Garmin by 117.9% during the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock worth $113,730,000 after purchasing an additional 1,205,778 shares during the last quarter. Marshall Wace North America L.P. lifted its stake in Garmin by 3,623.9% during the second quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock worth $37,343,000 after purchasing an additional 712,537 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Garmin by 123.5% during the second quarter. Principal Financial Group Inc. now owns 1,158,613 shares of the scientific and technical instruments company’s stock worth $59,123,000 after purchasing an additional 640,133 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Garmin by 313.2% during the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock worth $41,917,000 after purchasing an additional 621,665 shares during the last quarter. Hedge funds and other institutional investors own 39.59% of the company’s stock.

In other Garmin news, major shareholder Jonathan Burrell sold 231,500 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total value of $11,852,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the business’s stock in a transaction on Friday, August 4th. The stock was 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. Insiders sold 976,110 shares of company stock valued at $50,507,034 over the last three months. 18.30% of the stock is currently owned by insiders.

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Garmin Ltd. (NASDAQ:GRMN) opened at 52.48 on Monday. The firm has a market capitalization of $9.85 billion, a P/E ratio of 14.75 and a beta of 0.85. The stock’s 50 day moving average is $51.74 and its 200 day moving average is $51.44. Garmin Ltd. has a one year low of $46.80 and a one year high of $55.74.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $806.67 million. During the same period in the previous year, the firm posted $0.87 EPS. The firm’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts predict that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s dividend payout ratio is presently 57.46%.

Several research firms have weighed in on GRMN. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. BidaskClub cut Garmin from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Longbow Research restated a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Morgan Stanley set a $50.00 target price on Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Three 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. The company has a consensus rating of “Hold” and a consensus price target of $53.50.

Garmin 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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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