Swiss National Bank raised its stake in Garmin Ltd. (NASDAQ:GRMN) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 462,148 shares of the scientific and technical instruments company’s stock after acquiring an additional 11,600 shares during the period. Swiss National Bank owned 0.23% of Garmin worth $39,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Garmin by 5,916.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock worth $25,000 after purchasing an additional 1,560,423 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in Garmin by 207.7% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 437 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 295 shares during the period. Hanseatic Management Services Inc. purchased a new stake in Garmin in the 1st quarter worth approximately $30,000. Huntington National Bank grew its stake in Garmin by 244.4% in the 1st quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock worth $32,000 after acquiring an additional 264 shares during the period. Finally, Enlightenment Research LLC acquired a new position in shares of Garmin in the 4th quarter valued at $38,000. Institutional investors own 42.59% of the company’s stock.
Shares of GRMN traded down $0.47 during midday trading on Friday, hitting $79.80. The company had a trading volume of 2,479,000 shares, compared to its average volume of 1,142,035. 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 52 week low of $59.98 and a 52 week high of $89.72. The firm has a 50 day moving average price of $78.95. The stock has a market cap of $15.89 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 2.91 and a beta of 0.96.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid 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 of this dividend is Friday, September 13th. Garmin’s payout ratio is 61.79%.
A number of equities analysts have weighed in on the stock. BidaskClub lowered shares of Garmin from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 16th. Zacks Investment Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 24th. Tigress Financial restated a “buy” rating on shares of Garmin in a report on Tuesday, June 11th. Morgan Stanley set a $81.00 target price on shares of Garmin and gave the company a “hold” rating in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and dropped their price target for the stock from $77.00 to $75.00 in a research note on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Garmin currently has a consensus rating of “Hold” and an average target price of $78.66.
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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