Parametric Portfolio Associates LLC grew its position in Garmin Ltd. (NASDAQ:GRMN) by 7.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 288,209 shares of the scientific and technical instruments company’s stock after buying an additional 19,710 shares during the period. Parametric Portfolio Associates LLC owned 0.15% of Garmin worth $14,707,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. US Bancorp DE boosted its position in shares of Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after purchasing an additional 180 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Garmin during the 1st quarter worth approximately $156,000. Cutler Group LP purchased a new position in Garmin in the 2nd quarter valued at approximately $188,000. Benjamin F. Edwards & Company Inc. boosted its position in Garmin by 72.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock valued at $191,000 after buying an additional 1,568 shares during the period. Finally, Profund Advisors LLC purchased a new position in Garmin in the 2nd quarter valued at approximately $202,000. 39.59% of the stock is owned by institutional investors and hedge funds.
GRMN has been the subject of several recent research reports. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub lowered shares of Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Morgan Stanley set a $50.00 price target on shares of Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Garmin has an average rating of “Hold” and an average target price of $52.80.
In related news, major shareholder Jonathan Burrell sold 231,500 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total value of $11,852,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew R. Etkind sold 2,073 shares of the stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $53.00, for a total transaction of $109,869.00. The disclosure for this sale can be found here. Insiders sold a total of 978,183 shares of company stock valued at $50,616,903 in the last quarter. 18.30% of the stock is currently owned by insiders.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at 55.15 on Tuesday. The stock has a 50 day moving average of $53.01 and a 200 day moving average of $51.72. The stock has a market cap of $10.35 billion, a P/E ratio of 15.50 and a beta of 0.86. Garmin Ltd. has a one year low of $46.80 and a one year high of $55.74.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 EPS. Equities analysts expect that Garmin Ltd. will post $2.80 EPS for the current fiscal year.
Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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