Creative Planning lifted its holdings in Garmin Ltd. (NASDAQ:GRMN) by 7.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,498 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,243 shares during the period. Creative Planning’s holdings in Garmin were worth $1,226,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new position in shares of Garmin in the 2nd quarter valued at about $108,000. First Hawaiian Bank bought a new position in shares of Garmin in the 3rd quarter valued at about $118,000. Sun Life Financial INC lifted its holdings in shares of Garmin by 1,601.7% in the 2nd quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock valued at $120,000 after acquiring an additional 1,858 shares during the last quarter. Fort L.P. bought a new position in shares of Garmin in the 2nd quarter valued at about $121,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Garmin by 3,291.9% in the 2nd 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 acquiring an additional 2,041 shares during the last quarter. 38.79% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on GRMN shares. Longbow Research set a $72.00 price objective on shares of Garmin and gave the stock a “buy” rating in a research note on Thursday, July 19th. BidaskClub downgraded shares of Garmin from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Morgan Stanley set a $77.00 price objective on shares of Garmin and gave the stock an “equal weight” rating in a research note on Friday, September 21st. Finally, ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $67.40.
In other news, EVP Philip Straub sold 5,846 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $65.09, for a total transaction of $380,516.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Min H. Kao sold 495,515 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $64.89, for a total transaction of $32,153,968.35. Following the transaction, the insider now directly owns 3,462,299 shares in the company, valued at $224,668,582.11. The disclosure for this sale can be found here. In the last three months, insiders sold 4,428,129 shares of company stock valued at $286,301,208. 17.85% of the stock is owned by insiders.
Shares of NASDAQ GRMN opened at $66.15 on Friday. The stock has a market capitalization of $13.10 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.61 and a beta of 0.98. Garmin Ltd. has a 1 year low of $57.01 and a 1 year high of $70.77.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.24. The business had revenue of $810.01 million during the quarter, compared to the consensus estimate of $784.06 million. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. On average, equities analysts forecast that Garmin Ltd. will post 3.48 EPS for the current year.
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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