Oppenheimer & Co. Inc. Sells 341 Shares of Garmin Ltd. (NASDAQ:GRMN)

Oppenheimer & Co. Inc. reduced its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 7.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 4,111 shares of the scientific and technical instruments company’s stock after selling 341 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Garmin were worth $328,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hilton Capital Management LLC bought a new position in shares of Garmin during the 1st quarter valued at approximately $29,000. Hanseatic Management Services Inc. purchased a new stake in Garmin during the 1st quarter worth about $30,000. Amica Retiree Medical Trust purchased a new stake in Garmin during the 2nd quarter worth about $43,000. Farmers National Bank purchased a new stake in Garmin during the 1st quarter worth about $44,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in Garmin during the 1st quarter worth about $82,000. Hedge funds and other institutional investors own 42.02% of the company’s stock.

GRMN has been the topic of several recent research reports. ValuEngine downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Tigress Financial restated a “buy” rating on shares of Garmin in a report on Friday, August 16th. BidaskClub upgraded Garmin from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. upgraded Garmin from an “underweight” rating to a “neutral” rating and cut their price target for the stock from $77.00 to $75.00 in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and a consensus target price of $78.66.

In other news, insider Min H. Kao sold 362,080 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $79.09, for a total transaction of $28,636,907.20. Following the completion of the transaction, the insider now directly owns 1,799,429 shares of the company’s stock, valued at approximately $142,316,839.61. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Min H. Kao sold 196,836 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $79.53, for a total value of $15,654,367.08. Following the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,108,588.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,473,446 shares of company stock valued at $430,492,687. Insiders own 23.83% of the company’s stock.

Shares of NASDAQ:GRMN traded up $1.69 on Thursday, hitting $85.85. 36,051 shares of the company’s stock were exchanged, compared to its average volume of 1,146,692. The firm’s 50-day moving average is $79.38 and its 200 day moving average is $81.43. The company has a market capitalization of $16.86 billion, a PE ratio of 23.25, a P/E/G ratio of 2.97 and a beta of 0.91. Garmin Ltd. has a 1-year low of $59.98 and a 1-year high of $89.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.76 and a current ratio of 2.39.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.16. The business had revenue of $955.00 million during the quarter, compared to analysts’ expectations of $930.98 million. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.99 EPS. On average, analysts anticipate that Garmin Ltd. will post 3.9 EPS for the current fiscal 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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