Mackenzie Financial Corp acquired a new stake in shares of Garmin Ltd. (NASDAQ:GRMN) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 21,900 shares of the scientific and technical instruments company’s stock, valued at approximately $1,182,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. WFG Advisors LP lifted its holdings in shares of 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 valued at $111,000 after acquiring an additional 225 shares during the period. US Bancorp DE lifted its holdings in shares of 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 valued at $113,000 after acquiring an additional 180 shares during the period. Bank of Hawaii bought a new position in shares of Garmin during the third quarter valued at $206,000. Cambridge Advisors Inc. bought a new position in shares of Garmin during the third quarter valued at $208,000. Finally, Profund Advisors LLC bought a new position in shares of Garmin during the second quarter valued at $202,000. 39.37% of the stock is owned by institutional investors.
Shares of Garmin Ltd. (NASDAQ GRMN) opened at $62.27 on Monday. Garmin Ltd. has a 12 month low of $47.03 and a 12 month high of $63.15. The firm has a market capitalization of $11,675.63, a price-to-earnings ratio of 21.62, a PEG ratio of 2.57 and a beta of 0.84.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.09. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The company had revenue of $743.00 million during the quarter, compared to analyst estimates of $722.00 million. During the same period last year, the company posted $0.75 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. equities research analysts forecast that Garmin Ltd. will post 2.9 EPS for the current fiscal year.
GRMN has been the subject of a number of analyst reports. Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Morgan Stanley lifted their price objective on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a report on Friday, November 10th. KeyCorp restated a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Finally, BidaskClub upgraded Garmin from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. Garmin has an average rating of “Hold” and a consensus target price of $56.33.
In other news, major shareholder Jonathan Burrell sold 253,000 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $52.13, for a total value of $13,188,890.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clifton A. Pemble sold 38,302 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $60.00, for a total value of $2,298,120.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,445,188 shares of company stock valued at $84,242,013. 18.30% of the stock is currently owned by corporate insiders.
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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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