Investment House LLC held its position in Garmin Ltd. (NASDAQ:GRMN) during the second quarter, Holdings Channel reports. The firm owned 18,775 shares of the company’s stock at the end of the second quarter. Investment House LLC’s holdings in Garmin were worth $796,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Fund Advisors boosted its position in Garmin by 19.6% in the first quarter. BlackRock Fund Advisors now owns 5,819,469 shares of the company’s stock valued at $232,546,000 after buying an additional 951,844 shares in the last quarter. Norges Bank purchased a new position in Garmin during the fourth quarter valued at $63,253,000. Geode Capital Management LLC boosted its position in Garmin by 1.2% in the first quarter. Geode Capital Management LLC now owns 1,037,562 shares of the company’s stock valued at $41,383,000 after buying an additional 12,677 shares in the last quarter. Primecap Management Co. CA boosted its position in Garmin by 12.3% in the first quarter. Primecap Management Co. CA now owns 841,500 shares of the company’s stock valued at $33,626,000 after buying an additional 92,000 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in Garmin by 148.1% in the first quarter. UBS Asset Management Americas Inc. now owns 696,472 shares of the company’s stock valued at $27,831,000 after buying an additional 415,695 shares in the last quarter. 35.75% of the stock is owned by institutional investors and hedge funds.
Garmin Ltd. (NASDAQ:GRMN) traded up 0.66% on Thursday, reaching $48.68. The company’s stock had a trading volume of 975,136 shares. The firm has a market cap of $9.19 billion, a PE ratio of 18.50 and a beta of 0.82. Garmin Ltd. has a 52-week low of $30.93 and a 52-week high of $56.19. The stock’s 50 day moving average price is $51.04 and its 200 day moving average price is $44.58.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.20. The firm earned $812 million during the quarter, compared to the consensus estimate of $763.37 million. Garmin had a return on equity of 14.97% and a net margin of 17.29%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. Equities research analysts expect that Garmin Ltd. will post $2.53 earnings per share for the current fiscal year.
GRMN has been the subject of several analyst reports. Zacks Investment Research cut shares of Garmin from a “hold” rating to a “sell” rating in a research note on Tuesday, June 28th. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $38.00 to $47.00 in a research report on Thursday, July 28th. Citigroup Inc. cut shares of Garmin to a “market perform” rating in a research report on Monday, August 22nd. They noted that the move was a valuation call. Morgan Stanley reduced their price objective on shares of Garmin from $49.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, August 25th. Finally, Goldman Sachs Group Inc. cut shares of Garmin from a “neutral” rating to a “sell” rating and set a $12.00 price objective for the company. in a research report on Wednesday, August 24th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $40.97.
In other Garmin news, insider Clifton A. Pemble sold 1,429 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $55.00, for a total value of $78,595.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Danny J. Bartel sold 786 shares of the company’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $54.53, for a total value of $42,860.58. The disclosure for this sale can be found here. 18.30% of the stock is owned by company insiders.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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