Garmin Ltd. (NASDAQ:GRMN) Shares Sold by Valicenti Advisory Services Inc.
Valicenti Advisory Services Inc. decreased its holdings in Garmin Ltd. (NASDAQ:GRMN) by 3.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 37,198 shares of the scientific and technical instruments company’s stock after selling 1,175 shares during the quarter. Garmin comprises about 1.4% of Valicenti Advisory Services Inc.’s investment portfolio, making the stock its 24th largest holding. Valicenti Advisory Services Inc.’s holdings in Garmin were worth $2,968,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Hilton Capital Management LLC acquired a new position in shares of Garmin during the first quarter worth $29,000. Hanseatic Management Services Inc. purchased a new stake in Garmin in the first quarter valued at $30,000. Huntington National Bank lifted its position in Garmin by 244.4% in the first quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock valued at $32,000 after acquiring an additional 264 shares during the last quarter. Liberty Wealth Management LLC purchased a new stake in Garmin in the fourth quarter valued at $39,000. Finally, Trust Co. of Vermont lifted its position in Garmin by 762.1% in the first quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock valued at $43,000 after acquiring an additional 442 shares during the last quarter. Institutional investors and hedge funds own 42.40% of the company’s stock.
In other news, Chairman Min H. Kao sold 116,124 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $79.78, for a total value of $9,264,372.72. Following the completion of the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,558,445.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Min H. Kao sold 206,163 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $79.38, for a total transaction of $16,365,218.94. Following the completion of the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $142,838,674.02. The disclosure for this sale can be found here. Insiders sold 2,445,079 shares of company stock valued at $195,455,242 over the last ninety days. Corporate insiders own 23.83% of the company’s stock.
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, beating analysts’ consensus estimates of $0.71 by $0.02. Garmin had a net margin of 20.72% and a return on equity of 17.60%. The business had revenue of $766.00 million during the quarter, compared to analysts’ expectations of $733.26 million. During the same period in the prior year, the company earned $0.68 earnings per share. The business’s revenue was up 7.7% compared to the same quarter last year. On average, equities analysts expect that Garmin Ltd. will post 3.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.57 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.91%. Garmin’s payout ratio is 61.79%.
GRMN has been the subject of a number of research reports. Zacks Investment Research cut shares of GenMark Diagnostics from a “hold” rating to a “sell” rating in a research report on Wednesday, April 24th. Morgan Stanley boosted their price target on shares of Zynga and gave the company an “overweight” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their price target on shares of Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the company a “neutral” rating in a research report on Friday, June 7th. BidaskClub cut shares of Woodward, Inc.Common Stock from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Tuesday, June 11th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $78.66.
Garmin Company Profile
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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