Hopwood Nicholas Hunter Buys Shares of 2,305 Garmin Ltd. $GRMN

Hopwood Nicholas Hunter purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,305 shares of the scientific and technical instruments company’s stock, valued at approximately $548,000.

Several other hedge funds have also recently made changes to their positions in the stock. Groupe la Francaise boosted its holdings in Garmin by 346.4% in the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 97 shares during the last quarter. Reflection Asset Management bought a new stake in Garmin in the 4th quarter worth approximately $32,000. Archer Investment Corp purchased a new stake in Garmin during the 1st quarter valued at $37,000. Atlas Capital Advisors Inc. bought a new position in shares of Garmin during the 4th quarter valued at $34,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of Garmin during the 1st quarter valued at $44,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on GRMN shares. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Morgan Stanley raised their target price on Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Barclays upped their price target on shares of Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of Garmin from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Garmin currently has an average rating of “Moderate Buy” and an average price target of $310.17.

Garmin Price Performance

NYSE:GRMN opened at $276.90 on Friday. Garmin Ltd. has a one year low of $186.67 and a one year high of $314.28. The business has a fifty day moving average price of $272.72 and a 200-day moving average price of $252.76. The firm has a market capitalization of $53.40 billion, a price-to-earnings ratio of 28.55, a price-to-earnings-growth ratio of 3.10 and a beta of 0.85.

Garmin (NYSE:GRMN) last released its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.51. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the previous year, the business earned $2.17 earnings per share. Garmin’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, equities research analysts expect that Garmin Ltd. will post 10.08 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, Director Joseph J. Hartnett sold 643 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the sale, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joshua H. Maxfield sold 1,152 shares of Garmin stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $291.13, for a total transaction of $335,381.76. Following the transaction, the vice president directly owned 15,042 shares in the company, valued at $4,379,177.46. This represents a 7.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,751 shares of company stock worth $4,978,275 in the last quarter. 14.80% of the stock is currently owned by insiders.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.