Zebra Capital Management LLC Has $1.05 Million Holdings in Garmin Ltd. (GRMN)

Zebra Capital Management LLC reduced its stake in Garmin Ltd. (NASDAQ:GRMN) by 28.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,134 shares of the scientific and technical instruments company’s stock after selling 6,819 shares during the quarter. Zebra Capital Management LLC’s holdings in Garmin were worth $1,045,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Point72 Asia Hong Kong Ltd grew its stake in shares of Garmin by 105.4% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock valued at $102,000 after purchasing an additional 891 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Garmin in the second quarter valued at approximately $108,000. Sun Life Financial INC boosted its stake in shares of Garmin by 1,601.7% in the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock valued at $120,000 after buying an additional 1,858 shares in the last quarter. Fort L.P. purchased a new stake in shares of Garmin in the second quarter valued at approximately $121,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Garmin by 3,291.9% in the second quarter. Tower Research Capital LLC TRC now owns 2,103 shares of the scientific and technical instruments company’s stock valued at $128,000 after buying an additional 2,041 shares in the last quarter. Institutional investors own 39.82% of the company’s stock.

A number of research firms recently weighed in on GRMN. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. BidaskClub downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. Finally, Longbow Research set a $72.00 price target on Garmin and gave the company a “buy” rating in a research note on Thursday, July 19th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $62.80.

In related news, Director Sean Biddlecombe sold 1,308 shares of Garmin stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $64.89, for a total transaction of $84,876.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Min H. Kao sold 606,873 shares of Garmin stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $65.10, for a total value of $39,507,432.30. Following the transaction, the insider now directly owns 1,901,429 shares of the company’s stock, valued at $123,783,027.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,506,269 shares of company stock worth $288,181,273. Company insiders own 17.85% of the company’s stock.

Garmin stock opened at $68.61 on Friday. Garmin Ltd. has a 1-year low of $51.62 and a 1-year high of $69.15. The company has a market capitalization of $13.56 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 2.83 and a beta of 1.03.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.12. Garmin had a return on equity of 15.98% and a net margin of 18.72%. The firm had revenue of $894.50 million for the quarter, compared to the consensus estimate of $844.76 million. During the same period in the previous year, the business earned $0.88 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. research analysts anticipate that Garmin Ltd. will post 3.29 EPS for the current year.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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