Crescent Grove Advisors LLC Invests $408,000 in Garmin Ltd. (GRMN)

Crescent Grove Advisors LLC bought a new position in shares of Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 8,000 shares of the scientific and technical instruments company’s stock, valued at approximately $408,000.

Several other hedge funds also recently modified their holdings of the stock. First Trust Advisors LP raised its stake in shares of Garmin by 3.8% in the second quarter. First Trust Advisors LP now owns 522,699 shares of the scientific and technical instruments company’s stock worth $26,673,000 after buying an additional 19,126 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Garmin by 0.3% in the second quarter. Arizona State Retirement System now owns 38,429 shares of the scientific and technical instruments company’s stock worth $1,961,000 after buying an additional 100 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Garmin by 3.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 722,581 shares of the scientific and technical instruments company’s stock worth $36,874,000 after buying an additional 24,777 shares in the last quarter. Global X Management Co. LLC raised its stake in shares of Garmin by 31.4% in the second quarter. Global X Management Co. LLC now owns 54,845 shares of the scientific and technical instruments company’s stock worth $2,799,000 after buying an additional 13,117 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in shares of Garmin by 10.5% in the second quarter. IFP Advisors Inc now owns 24,916 shares of the scientific and technical instruments company’s stock worth $1,271,000 after buying an additional 2,358 shares in the last quarter. 41.39% of the stock is owned by hedge funds and other institutional investors.

Shares of Garmin Ltd. (GRMN) opened at 51.21 on Friday. The stock has a market capitalization of $9.61 billion, a price-to-earnings ratio of 14.39 and a beta of 0.86. Garmin Ltd. has a 1-year low of $46.05 and a 1-year high of $55.74. The company has a 50-day moving average of $51.24 and a 200-day moving average of $51.14.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.07. The company had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. Garmin’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 EPS. On average, equities research analysts expect that Garmin Ltd. will post $2.80 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.98%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio is currently 57.46%.

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A number of analysts have recently issued reports on the stock. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research note on Tuesday. BidaskClub lowered shares of Garmin from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Longbow Research reissued a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $51.21.

In other Garmin news, major shareholder Jonathan Burrell sold 100,000 shares of Garmin stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $52.46, for a total value of $5,246,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.83, for a total value of $87,955.51. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 401,697 shares of company stock valued at $20,978,956. 18.30% of the stock is currently owned by corporate insiders.

About Garmin

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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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