Assenagon Asset Management S.A. bought a new position in shares of Garmin Ltd. (NASDAQ:GRMN) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,630 shares of the scientific and technical instruments company’s stock, valued at approximately $520,000.
Several other institutional investors and hedge funds have also made changes to their positions in GRMN. Janus Henderson Group PLC boosted its position in Garmin by 8,318.2% in the second quarter. Janus Henderson Group PLC now owns 1,257,516 shares of the scientific and technical instruments company’s stock valued at $64,171,000 after buying an additional 1,242,578 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Garmin by 117.9% during the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock worth $113,730,000 after purchasing an additional 1,205,778 shares during the period. Marshall Wace North America L.P. lifted its holdings in shares of Garmin by 3,623.9% during the second quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock worth $37,343,000 after purchasing an additional 712,537 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Garmin by 123.5% during the second quarter. Principal Financial Group Inc. now owns 1,158,613 shares of the scientific and technical instruments company’s stock worth $59,123,000 after purchasing an additional 640,133 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Garmin by 153.9% during the second quarter. Alliancebernstein L.P. now owns 1,042,380 shares of the scientific and technical instruments company’s stock worth $53,193,000 after purchasing an additional 631,827 shares during the period. 39.66% of the stock is currently owned by institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) opened at 56.29 on Friday. Garmin Ltd. has a 1-year low of $46.80 and a 1-year high of $56.75. The firm has a 50-day moving average of $54.06 and a 200 day moving average of $52.09. The company has a market capitalization of $10.57 billion, a P/E ratio of 15.82 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. During the same period last year, the company posted $0.87 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current year.
A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. BidaskClub lowered shares of Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Longbow Research reiterated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Finally, Morgan Stanley set a $50.00 price target on shares of Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $52.80.
In other news, EVP Patrick Desbois sold 1,881 shares of the firm’s stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $55.00, for a total value of $103,455.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.83, for a total transaction of $87,955.51. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 984,130 shares of company stock valued at $50,943,988. Corporate insiders own 18.30% of the company’s stock.
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.
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. (NASDAQ:GRMN).
What are top analysts saying about Garmin Ltd.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Garmin Ltd. and related companies.