Garmin Ltd. (GRMN) Shares Up NaN on Strong Earnings

Garmin Ltd. (NASDAQ:GRMN) was up NaN during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $60.44 and last traded at $0.00. Approximately 3,241,937 shares were traded during trading, an increase of Infinity from the average daily volume of 0 shares. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The company had revenue of $743.00 million for the quarter, compared to the consensus estimate of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share.

Several equities research analysts have recently issued reports on GRMN shares. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub downgraded Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Morgan Stanley set a $50.00 price target on Garmin and gave the company a “hold” rating in a research report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Garmin has a consensus rating of “Hold” and a consensus price target of $56.33.

In related news, VP Andrew R. Etkind sold 2,189 shares of Garmin stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $52.00, for a total transaction of $113,828.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Patrick Desbois sold 1,881 shares of Garmin stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $55.00, for a total value of $103,455.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 982,433 shares of company stock worth $50,856,032. 18.30% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. WFG Advisors LP grew its position in Garmin by 11.5% during the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after buying an additional 225 shares in the last quarter. US Bancorp DE grew its position in Garmin by 8.8% during the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares in the last quarter. Cutler Group LP acquired a new stake in Garmin during the second quarter worth about $188,000. Benjamin F. Edwards & Company Inc. lifted its stake in Garmin by 72.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after purchasing an additional 1,568 shares during the period. Finally, Profund Advisors LLC bought a new position in Garmin during the second quarter worth about $202,000. 39.86% of the stock is currently owned by institutional investors and hedge funds.

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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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