US Bancorp DE cut its stake in Garmin Ltd. (NASDAQ:GRMN) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,035 shares of the scientific and technical instruments company’s stock after selling 22 shares during the period. US Bancorp DE’s holdings in Garmin were worth $104,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Garmin during the fourth quarter worth approximately $92,422,000. WFG Advisors LP bought a new stake in shares of Garmin during the fourth quarter worth approximately $1,826,000. Cigna Investments Inc. New bought a new stake in shares of Garmin during the fourth quarter worth approximately $201,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Garmin by 184.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,449 shares of the scientific and technical instruments company’s stock worth $507,000 after buying an additional 6,774 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Garmin by 41.5% in the fourth quarter. AQR Capital Management LLC now owns 229,718 shares of the scientific and technical instruments company’s stock worth $11,139,000 after buying an additional 67,345 shares in the last quarter. 41.75% of the stock is currently owned by institutional investors and hedge funds.
Garmin Ltd. (NASDAQ GRMN) opened at 51.30 on Tuesday. Garmin Ltd. has a 52 week low of $39.29 and a 52 week high of $56.19. The stock has a 50 day moving average of $51.95 and a 200 day moving average of $50.68. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 14.66 and a beta of 0.78.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.07. The company had revenue of $638.50 million for the quarter, compared to analysts’ expectations of $629.11 million. Garmin had a return on equity of 15.86% and a net margin of 21.78%. Garmin’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $0.49 EPS. Equities research analysts predict that Garmin Ltd. will post $2.69 earnings per share for the current fiscal year.
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A number of equities research analysts have commented on GRMN shares. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, May 4th. Goldman Sachs Group, Inc. (The) raised shares of Garmin from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $48.00 to $52.00 in a report on Monday, March 6th. They noted that the move was a valuation call. Tigress Financial started coverage on shares of Garmin in a report on Tuesday, May 2nd. They set a “buy” rating on the stock. Bank of America Corporation increased their price objective on shares of Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, May 4th. Finally, J P Morgan Chase & Co lowered shares of Garmin from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $55.00 to $50.00 in a report on Thursday, May 4th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Garmin has a consensus rating of “Hold” and a consensus price target of $49.38.
In related news, major shareholder Jonathan Burrell sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total transaction of $10,422,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 400,000 shares of company stock worth $20,891,000. 18.30% of the stock is currently owned by insiders.
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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