Retirement Systems of Alabama Has $4.57 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

Posted by Defense World Staff on Jul 27th, 2023

Retirement Systems of Alabama lessened its holdings in Garmin Ltd. (NYSE:GRMN – Free Report) by 7.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,321 shares of the scientific and technical instruments company’s stock after selling 3,800 shares during the period. Retirement Systems of Alabama’s holdings in Garmin were worth $4,574,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of Garmin by 9.6% in the first quarter. American Century Companies Inc. now owns 9,116 shares of the scientific and technical instruments company’s stock valued at $1,081,000 after purchasing an additional 798 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of Garmin by 17.5% in the 1st quarter. Private Advisor Group LLC now owns 2,831 shares of the scientific and technical instruments company’s stock worth $336,000 after buying an additional 422 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Garmin by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,329 shares of the scientific and technical instruments company’s stock valued at $2,411,000 after acquiring an additional 1,259 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Garmin by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,475,149 shares of the scientific and technical instruments company’s stock valued at $174,989,000 after acquiring an additional 11,011 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in Garmin by 378.8% during the first quarter. Sei Investments Co. now owns 37,785 shares of the scientific and technical instruments company’s stock worth $4,414,000 after acquiring an additional 29,893 shares during the period. Institutional investors own 52.63% of the company’s stock.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of recent analyst reports. StockNews.com began coverage on Garmin in a research note on Thursday, May 18th. They issued a “hold” rating for the company. VNET Group restated a “maintains” rating on shares of Garmin in a report on Thursday, May 4th. KeyCorp initiated coverage on shares of Garmin in a research report on Tuesday, April 18th. They set a “sector weight” rating for the company. Finally, Barclays lifted their price target on shares of Garmin from $101.00 to $106.00 in a report on Thursday, May 4th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and an average target price of $118.80.

Garmin Trading Down 0.8 %

Garmin stock opened at $105.62 on Thursday. The firm has a 50 day simple moving average of $105.08 and a 200 day simple moving average of $100.85. Garmin Ltd. has a 1-year low of $76.37 and a 1-year high of $108.23. The firm has a market capitalization of $20.20 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 3.61 and a beta of 0.92.

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

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a $0.73 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.76%. Garmin’s dividend payout ratio (DPR) is currently 58.40%.

Insider Activity 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 value of $1,650,921.91. Following the sale, the chief financial officer now directly owns 23,843 shares in the company, valued at approximately $2,514,721.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 19.89% of the stock is owned by corporate insiders.

Garmin Company 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.