On August 26, 2023, it was reported that FAS Wealth Partners Inc. has increased its stake in Garmin Ltd. by 10.8% during the first quarter of the year. The increase in stake was disclosed in the company’s most recent filing with the Securities and Exchange Commission.
According to the filing, FAS Wealth Partners Inc. now owns a total of 14,804 shares of Garmin stock after acquiring an additional 1,440 shares during the period. With this increase in ownership, the value of FAS Wealth Partners Inc.’s holdings in Garmin amounted to $1,494,000 at the end of the reporting period.
Garmin Ltd., a leading provider of scientific and technical instruments, is known for its innovative products in industries such as navigation, communication, and fitness tracking. The company’s stock is traded on the New York Stock Exchange under the ticker symbol GRMN.
In addition to increasing its stake in Garmin, FAS Wealth Partners Inc. also announced that Garmin will be distributing a quarterly dividend to its stockholders on Friday, March 29th. Shareholders who are recorded as owners on Friday, March 15th will receive a dividend payment of $0.73 per share. The ex-dividend date has been set for Thursday, March 14th.
The annualized basis for this dividend is $2.92 per share and it represents a dividend yield of 2.84%. This means that investors who own shares of Garmin can expect to receive $2.92 per share annually based on their investment amount.
Garmin’s current payout ratio stands at 56.48%, indicating that the company allocates over half of its earnings towards dividend distributions to shareholders.
Overall, these developments indicate positive news for both FAS Wealth Partners Inc. and Garmin Ltd., showcasing continued confidence from institutional investors such as FAS Wealth Partners Inc. Given Garmin’s strong market presence and consistent dividend payments, it remains an attractive investment option for shareholders seeking stable returns.
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Garmin Sees Changes in Hedge Fund Positions and Analyst Ratings, Demonstrates Strong Performance
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”GRMN” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Garmin Ltd. (NYSE:GRMN), a leading scientific and technical instruments company, has recently seen changes in positions by several hedge funds. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Garmin during the 4th quarter, valued at $27,000. Similarly, Spire Wealth Management also acquired a new position in shares of Garmin during the 1st quarter, valued at $28,000.
Private Trust Co. NA has shown an increase of 84.6% in its position in shares of Garmin during the 1st quarter. The company now owns 288 shares valued at $29,000 after purchasing an additional 132 shares during the period. Carmel Capital Partners LLC also bought a stake in shares of Garmin during the same quarter worth $30,000.
Furthermore, Massmutual Trust Co. FSB ADV boosted its stake in Garmin by 107.1% during the 1st quarter. The company now owns 352 shares of Garmin’s stock worth $36,000 after acquiring an additional 182 shares.
It is worth noting that institutional investors own 52.63% of Garmin’s stock, indicating significant interest from this sector.
These changes in positions by hedge funds and institutional investors reflect their confidence in Garmin and its prospects for growth and profitability.
Various equities research analysts have offered their insights on Garmin. StockNews.com provided coverage on Garmin and rated it as a “hold” for the company. Morgan Stanley reduced their price objective for Garmin from $104.00 to $103.00 but maintained an “equal weight” rating for the company.
Additionally, VNET Group reiterated its “maintains” rating on shares of Garmin while Bank of America raised their target price from $110.00 to $120.00 and gave the stock a “neutral” rating.
Tigress Financial also expressed optimism with a “strong-buy” rating and a target price of $165.00 on Garmin’s shares.
Overall, there are five hold ratings, one buy rating, and one strong buy rating from equities research analysts for Garmin. The consensus rating from Bloomberg is “Hold” with a consensus price target of $123.20.
On Friday, August 26th, GRMN traded up by $0.59 and reached $102.91. A total of 109,786 shares were traded compared to its average volume of 838,363. With a market cap of $19.69 billion and a price-to-earnings ratio of 19.79, Garmin continues to demonstrate strong performance.
Garmin has also maintained a positive trend in its stock’s value, with a fifty-two week low of $76.37 and a fifty-two week high of $108.56 as reported on August 26th.
Earnings results posted by Garmin on August 2nd exceeded expectations, with an earnings per share (EPS) of $1.45 for the quarter compared to the consensus estimate of $1.43 EPSa difference of $0.02 per share.
Garmin’s return on equity stood at 15.81% during the period, while the net margin was recorded at 20.23%. The company reported revenue of $1.32 billion for the quarter, surpassing analyst estimates of $1.26 billion.
Comparatively, during the same period last year, Garmin’s earnings per share were recorded at $1.44a slight increase from this year’s resultsindicating continued growth throughout the industry.
With these positive indicators in mind, research analysts expect that Garmin Ltd.’s current fiscal year will yield earnings per share amounting to 5.16.
Garmin remains focused on providing innovative scientific and technical instruments to consumers worldwide while attracting significant interest from hedge funds and institutional investors alike due to its potential for future growth and profitability.
