Veriti Management LLC increased its position in Garmin Ltd. (NYSE:GRMN – Get Rating) by 13.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,225 shares of the scientific and technical instruments company's stock after purchasing an additional 748 shares during the period. Veriti Management LLC's holdings in Garmin were worth $612,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the company. Alhambra Investment Partners LLC lifted its holdings in shares of Garmin by 5.6% during the second quarter. Alhambra Investment Partners LLC now owns 8,042 shares of the scientific and technical instruments company's stock valued at $790,000 after purchasing an additional 429 shares during the last quarter. Nova R Wealth Inc. increased its position in Garmin by 29.6% during the 2nd quarter. Nova R Wealth Inc. now owns 9,689 shares of the scientific and technical instruments company's stock valued at $952,000 after buying an additional 2,215 shares in the last quarter. MinichMacGregor Wealth Management LLC raised its stake in Garmin by 10.5% during the second quarter. MinichMacGregor Wealth Management LLC now owns 18,146 shares of the scientific and technical instruments company's stock valued at $1,782,000 after buying an additional 1,725 shares during the last quarter. Insight Folios Inc boosted its holdings in Garmin by 2.4% in the second quarter. Insight Folios Inc now owns 4,331 shares of the scientific and technical instruments company's stock worth $426,000 after acquiring an additional 103 shares in the last quarter. Finally, Centennial Wealth Advisory LLC purchased a new stake in shares of Garmin in the second quarter worth $221,000. Institutional investors own 62.50% of the company's stock.
Get
Garmin alerts:
Garmin Stock Down 0.8 %
GRMN opened at $81.68 on Wednesday. Garmin Ltd. has a twelve month low of $81.00 and a twelve month high of $165.84. The firm has a 50 day moving average price of $93.60 and a 200-day moving average price of $101.96. The stock has a market capitalization of $15.75 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 3.02 and a beta of 0.97.
Garmin (NYSE:GRMN – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.02. Garmin had a return on equity of 17.71% and a net
margin of 20.31%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period in the prior year, the firm earned $1.68 EPS. The company's revenue was down 6.5% compared to the same quarter last year. As a group, analysts expect that Garmin Ltd. will post 4.9 earnings per share for the current year.
Insider Activity
In related news, CEO Clifton A. Pemble sold 9,550 shares of the business's stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $90.00, for a total transaction of $859,500.00. Following the completion of the sale, the chief executive officer now directly owns 135,950 shares in the company, valued at $12,235,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Garmin news, CEO Clifton A. Pemble sold 16,089 shares of the company's stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $97.81, for a total value of $1,573,665.09. Following the completion of the sale, the chief executive officer now owns 145,500 shares in the company, valued at $14,231,355. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Clifton A. Pemble sold 9,550 shares of the firm's stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total value of $859,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,950 shares in the company, valued at approximately $12,235,500. The disclosure for this sale can be found here. Insiders own 20.34% of the company's stock.
Analyst Ratings Changes
GRMN has been the topic of several recent analyst reports. Tigress Financial cut their price objective on shares of Garmin from $208.00 to $165.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 5th. TheStreet downgraded shares of Garmin from a "b" rating to a "c+" rating in a research report on Wednesday, July 27th. Morgan Stanley decreased their price objective on shares of Garmin from $127.00 to $115.00 and set an "equal weight" rating for the company in a report on Tuesday, June 14th. Finally, Bank of America downgraded Garmin from a "buy" rating to a "neutral" rating and cut their target price for the company from $137.00 to $109.00 in a research note on Tuesday, August 2nd. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $134.75.
About Garmin
(Get Rating)
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; and fitness and cycling accessories.
Featured Articles
- Get a free copy of the StockNews.com research report on Garmin (GRMN)
- Defensive Stocks For A Volatile Market
- SunPower Is Ready To Power Up Triple-Digit Earnings Gains
- Will UPS Be Next to Deliver a Warning?
- Is This the Darkest Before the Dawn for Gap Stock?
- Build A Better Tech Portfolio With Jabil Inc.
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. (NYSE:GRMN – Get Rating).
Receive News & Ratings for Garmin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin and related companies with MarketBeat.com's FREE daily email newsletter.
