Cetera Advisors LLC purchased a new stake in Garmin Ltd. (NASDAQ:GRMN) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,537 shares of the scientific and technical instruments company’s stock, valued at approximately $217,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Cetera Investment Advisers boosted its stake in shares of Garmin by 9.7% during the first quarter. Cetera Investment Advisers now owns 7,133 shares of the scientific and technical instruments company’s stock valued at $613,000 after purchasing an additional 632 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Garmin by 192.2% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 29,404 shares of the scientific and technical instruments company’s stock valued at $2,539,000 after acquiring an additional 19,340 shares in the last quarter. Carillon Tower Advisers Inc. raised its holdings in shares of Garmin by 2.2% during the first quarter. Carillon Tower Advisers Inc. now owns 214,200 shares of the scientific and technical instruments company’s stock valued at $18,496,000 after acquiring an additional 4,675 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Garmin by 17.5% during the first quarter. California Public Employees Retirement System now owns 764,928 shares of the scientific and technical instruments company’s stock valued at $66,052,000 after acquiring an additional 114,083 shares in the last quarter. Finally, Greenwood Capital Associates LLC raised its holdings in shares of Garmin by 4.1% during the first quarter. Greenwood Capital Associates LLC now owns 6,575 shares of the scientific and technical instruments company’s stock valued at $568,000 after acquiring an additional 260 shares in the last quarter. 42.60% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Patrick Desbois sold 1,749 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $86.00, for a total value of $150,414.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 23.83% of the company’s stock.
GRMN has been the subject of a number of research reports. BidaskClub downgraded Garmin from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 16th. Credit Suisse Group increased their target price on Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a research note on Monday, February 25th. Zacks Investment Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and dropped their price objective for the company from $77.00 to $75.00 in a research report on Friday, June 7th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $78.66.
GRMN traded down $0.70 on Friday, hitting $79.79. 630,904 shares of the company’s stock traded hands, compared to its average volume of 1,147,245. The company has a current ratio of 4.04, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. Garmin Ltd. has a one year low of $59.39 and a one year high of $89.72. The company has a market capitalization of $15.98 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 2.93 and a beta of 0.96.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.02. Garmin had a return on equity of 17.60% and a net margin of 20.72%. The firm had revenue of $766.00 million during the quarter, compared to analysts’ expectations of $733.26 million. During the same quarter in the previous year, the business earned $0.68 EPS. The company’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts predict that Garmin Ltd. will post 3.75 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Friday, September 13th. Garmin’s payout ratio is currently 57.45%.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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