GSA Capital Partners LLP increased its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 45.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,060 shares of the scientific and technical instruments company’s stock after buying an additional 1,881 shares during the quarter. GSA Capital Partners LLP’s holdings in Garmin were worth $357,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in GRMN. Redwood Investment Management LLC acquired a new stake in Garmin during the first quarter worth about $224,000. Campbell & CO Investment Adviser LLC acquired a new stake in Garmin during the first quarter worth about $247,000. Financial Advocates Investment Management acquired a new stake in Garmin during the fourth quarter worth about $320,000. Sciencast Management LP acquired a new stake in Garmin during the fourth quarter worth about $355,000. Finally, AXA acquired a new stake in Garmin during the fourth quarter worth about $370,000. 39.92% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently weighed in on GRMN. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Monday, March 12th. BidaskClub raised Garmin from a “hold” rating to a “buy” rating in a report on Wednesday, May 30th. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Tuesday, March 20th. Finally, ValuEngine downgraded Garmin from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $60.40.
Garmin opened at $60.25 on Wednesday, according to MarketBeat Ratings. The company has a market cap of $11.35 billion, a price-to-earnings ratio of 20.49, a P/E/G ratio of 2.29 and a beta of 0.99. Garmin Ltd. has a 1-year low of $49.80 and a 1-year high of $65.96.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, May 2nd. The scientific and technical instruments company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.12. The company had revenue of $711.00 million for the quarter, compared to the consensus estimate of $670.71 million. Garmin had a return on equity of 15.66% and a net margin of 18.57%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. equities research analysts predict that Garmin Ltd. will post 3.14 EPS for the current fiscal year.
In other news, VP Danny J. Bartel sold 1,548 shares of the business’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $59.69, for a total value of $92,400.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Min H. Kao sold 695,130 shares of the business’s stock in a transaction that occurred on Thursday, May 3rd. The stock was sold at an average price of $60.74, for a total value of $42,222,196.20. Following the completion of the transaction, the insider now directly owns 8,053,783 shares in the company, valued at $489,186,779.42. The disclosure for this sale can be found here. Insiders have sold 3,092,381 shares of company stock worth $185,712,525 over the last ninety days. Company insiders own 17.85% of the company’s stock.
Garmin Company Profile
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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