Garmin Ltd. (GRMN) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 9.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,144 shares of the scientific and technical instruments company’s stock after selling 12,396 shares during the period. The Manufacturers Life Insurance Company owned 0.06% of Garmin worth $5,926,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of GRMN. Wellington Management Group LLP grew its holdings in shares of Garmin by 5.6% during the 1st quarter. Wellington Management Group LLP now owns 25,282 shares of the scientific and technical instruments company’s stock valued at $1,293,000 after acquiring an additional 1,352 shares in the last quarter. Teachers Advisors LLC grew its holdings in shares of Garmin by 5.8% during the 1st quarter. Teachers Advisors LLC now owns 151,582 shares of the scientific and technical instruments company’s stock valued at $7,747,000 after acquiring an additional 8,278 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Garmin by 0.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 17,149 shares of the scientific and technical instruments company’s stock valued at $875,000 after acquiring an additional 127 shares in the last quarter. Thrivent Financial For Lutherans purchased a new position in shares of Garmin during the 1st quarter valued at $217,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Garmin by 9.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,089,439 shares of the scientific and technical instruments company’s stock valued at $55,680,000 after acquiring an additional 91,637 shares in the last quarter. Institutional investors and hedge funds own 39.66% of the company’s stock.

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Several research firms have recently commented on GRMN. Zacks Investment Research cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. BidaskClub cut shares of Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Longbow Research restated a “buy” rating on shares of Garmin in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated 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 company a “hold” rating in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Garmin has a consensus rating of “Hold” and an average target price of $52.80.

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 market cap of $10.57 billion, a price-to-earnings ratio of 15.82 and a beta of 0.86. The company has a 50 day moving average of $54.06 and a 200 day moving average of $52.09.

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 analysts’ consensus estimates of $0.81 by $0.07. The business had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 earnings per share. On average, equities analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.

In related news, VP Andrew R. Etkind sold 2,189 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total value of $113,828.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clifton A. Pemble sold 4,066 shares of the firm’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $223,630.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 984,130 shares of company stock valued at $50,943,988. 18.30% of the stock is owned by 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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