Wright Investors Service Inc. Increases Stock Holdings in Garmin Ltd. (NASDAQ:GRMN)

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Wright Investors Service Inc. increased its holdings in Garmin Ltd. (NASDAQ:GRMN) by 7.0% in the second quarter, HoldingsChannel.com reports. The fund owned 26,102 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,705 shares during the period. Wright Investors Service Inc.’s holdings in Garmin were worth $2,083,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GRMN. Hilton Capital Management LLC purchased a new position in shares of Garmin in the 1st quarter worth about $29,000. Hanseatic Management Services Inc. purchased a new position in shares of Garmin in the 1st quarter worth about $30,000. Huntington National Bank raised its position in shares of 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 purchasing an additional 264 shares during the last quarter. Trust Co. of Vermont raised its position in shares of Garmin by 762.1% in the 1st quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock worth $43,000 after purchasing an additional 442 shares during the last quarter. Finally, Farmers National Bank purchased a new position in shares of Garmin in the 1st quarter worth about $44,000. 42.19% of the stock is owned by institutional investors.

In related news, insider Min H. Kao sold 430,636 shares of Garmin stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $75.42, for a total value of $32,478,567.12. Following the completion of the sale, the insider now directly owns 1,779,429 shares in the company, valued at approximately $134,204,535.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Min H. Kao sold 842,410 shares of Garmin stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $78.37, for a total value of $66,019,671.70. Following the completion of the sale, the insider now owns 1,779,429 shares of the company’s stock, valued at $139,453,850.73. The disclosure for this sale can be found here. Insiders sold a total of 5,177,966 shares of company stock valued at $407,674,270 over the last quarter. 23.83% of the stock is owned by corporate insiders.

Several equities analysts have recently issued reports on the company. ValuEngine lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley set a $81.00 price target on Garmin and gave the stock a “hold” rating in a research report on Thursday, May 2nd. Zacks Investment Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and lowered their price target for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Finally, BidaskClub raised Garmin from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Garmin has an average rating of “Hold” and a consensus price target of $78.66.

NASDAQ GRMN traded down $0.05 during trading hours on Thursday, hitting $76.46. The company’s stock had a trading volume of 20,792 shares, compared to its average volume of 1,465,105. Garmin Ltd. has a 12 month low of $59.98 and a 12 month high of $89.72. The stock has a 50 day moving average price of $79.09. The company has a market capitalization of $15.41 billion, a P/E ratio of 20.75, a P/E/G ratio of 2.72 and a beta of 0.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.76 and a current ratio of 2.39.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The company had revenue of $955.00 million during the quarter, compared to the consensus estimate of $930.98 million. During the same period last year, the company earned $0.99 EPS. Garmin’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities analysts predict that Garmin Ltd. will post 3.9 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.28 annualized dividend and a yield of 2.98%. Garmin’s payout ratio is 61.79%.

Garmin Company Profile

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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Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NASDAQ:GRMN).

Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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