Truist Financial Corp cut its holdings in Garmin Ltd. (NYSE:GRMN – Get Rating) by 66.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,794 shares of the scientific and technical instruments company’s stock after selling 21,248 shares during the quarter. Truist Financial Corp’s holdings in Garmin were worth $1,280,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Spire Wealth Management lifted its stake in shares of Garmin by 52.2% in the fourth quarter. Spire Wealth Management now owns 318 shares of the scientific and technical instruments company’s stock worth $43,000 after buying an additional 109 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Garmin by 7.1% in the fourth quarter. Russell Investments Group Ltd. now owns 200,497 shares of the scientific and technical instruments company’s stock worth $27,306,000 after buying an additional 13,280 shares during the last quarter. Strs Ohio lifted its stake in shares of Garmin by 14.9% in the fourth quarter. Strs Ohio now owns 15,545 shares of the scientific and technical instruments company’s stock worth $2,116,000 after buying an additional 2,012 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Garmin in the fourth quarter worth $1,100,000. Finally, New York State Teachers Retirement System lifted its stake in shares of Garmin by 0.4% in the fourth quarter. New York State Teachers Retirement System now owns 118,487 shares of the scientific and technical instruments company’s stock worth $16,134,000 after buying an additional 509 shares during the last quarter. 72.11% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of Garmin from $127.00 to $115.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 14th. Tigress Financial boosted their price objective on shares of Garmin from $205.00 to $208.00 in a research note on Friday, May 6th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Garmin from $160.00 to $150.00 in a research note on Thursday, April 28th.
Garmin Price Performance
NYSE:GRMN opened at $107.89 on Friday. The stock has a market cap of $20.84 billion, a P/E ratio of 19.44, a PEG ratio of 3.12 and a beta of 1.00. Garmin Ltd. has a one year low of $92.53 and a one year high of $178.80. The company has a fifty day moving average price of $100.79 and a 200 day moving average price of $111.51.
Garmin (NYSE:GRMN – Get Rating) last released its earnings results on Wednesday, April 27th. The scientific and technical instruments company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.04). The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.14 billion. Garmin had a net margin of 21.12% and a return on equity of 18.67%. Garmin’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.18 earnings per share. As a group, equities research analysts anticipate that Garmin Ltd. will post 5.9 EPS for the current year.
Garmin Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Tuesday, March 14th. Garmin’s dividend payout ratio (DPR) is presently 52.61%.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
Want More Great Investing Ideas?
Receive News & Ratings for Garmin Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Garmin and related companies with MarketBeat.com’s FREE daily email newsletter.