Machina Capital S.A.S. Takes $135,000 Position in Garmin Ltd. (NYSE:GRMN)

Posted by Defense World Staff on Jul 10th, 2023

Machina Capital S.A.S. bought a new stake in Garmin Ltd. (NYSE:GRMN – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,341 shares of the scientific and technical instruments company’s stock, valued at approximately $135,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Private Trust Co. NA lifted its position in Garmin by 84.6% during the first quarter. Private Trust Co. NA now owns 288 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 132 shares during the period. U.S. Capital Wealth Advisors LLC bought a new stake in Garmin during the fourth quarter worth about $27,000. Carmel Capital Partners LLC bought a new stake in Garmin during the first quarter worth about $30,000. Massmutual Trust Co. FSB ADV lifted its position in Garmin by 107.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 352 shares of the scientific and technical instruments company’s stock worth $36,000 after purchasing an additional 182 shares during the period. Finally, Ronald Blue Trust Inc. lifted its position in Garmin by 45.2% during the fourth quarter. Ronald Blue Trust Inc. now owns 363 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 113 shares during the period. Institutional investors own 52.63% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent analyst reports. StockNews.com initiated coverage on shares of Garmin in a research report on Thursday, May 18th. They set a “hold” rating for the company. Barclays boosted their target price on Garmin from $101.00 to $106.00 in a research note on Thursday, May 4th. KeyCorp initiated coverage on Garmin in a research note on Tuesday, April 18th. They set a “sector weight” rating for the company. TheStreet raised Garmin from a “c+” rating to a “b-” rating in a research note on Monday, March 13th. Finally, VNET Group reissued a “maintains” rating on shares of Garmin in a research note on Thursday, May 4th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $118.80.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 15,653 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $105.47, for a total transaction of $1,650,921.91. Following the completion of the sale, the chief financial officer now owns 23,843 shares of the company’s stock, valued at approximately $2,514,721.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 19.89% of the company’s stock.

Garmin Price Performance

Garmin stock opened at $105.03 on Monday. The business has a 50 day moving average of $104.41 and a 200-day moving average of $100.25. Garmin Ltd. has a 1 year low of $76.37 and a 1 year high of $108.32. The company has a market capitalization of $20.09 billion, a P/E ratio of 21.01, a P/E/G ratio of 3.58 and a beta of 0.92.

Garmin (NYSE:GRMN – Free Report) last released its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.02. Garmin had a return on equity of 15.98% and a net margin of 19.94%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the firm posted $1.11 earnings per share. The firm’s revenue was down 2.1% compared to the same quarter last year. Equities analysts anticipate that Garmin Ltd. will post 5.24 EPS for the current year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Thursday, March 14th. Garmin’s dividend payout ratio is presently 58.40%.

Garmin Profile

(Free Report)

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; fitness and cycling accessories.