Garmin Ltd. (GRMN) Shares Bought by Hamlin Capital Management LLC
Hamlin Capital Management LLC increased its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 16.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 629,294 shares of the company’s stock after buying an additional 88,539 shares during the period. Hamlin Capital Management LLC owned about 0.33% of Garmin worth $26,695,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Midwest Bank Trust Division acquired a new stake in Garmin during the second quarter valued at approximately $437,000. Alps Advisors Inc. boosted its stake in shares of Garmin by 12.5% in the second quarter. Alps Advisors Inc. now owns 618,547 shares of the company’s stock worth $26,239,000 after buying an additional 68,620 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Garmin by 0.3% in the second quarter. Retirement Systems of Alabama now owns 59,801 shares of the company’s stock worth $2,537,000 after buying an additional 200 shares during the last quarter. PGGM Investments boosted its stake in shares of Garmin by 4.9% in the second quarter. PGGM Investments now owns 74,835 shares of the company’s stock worth $3,175,000 after buying an additional 3,472 shares during the last quarter. Finally, Valicenti Advisory Services Inc. boosted its stake in shares of Garmin by 2.2% in the second quarter. Valicenti Advisory Services Inc. now owns 139,259 shares of the company’s stock worth $5,907,000 after buying an additional 3,052 shares during the last quarter. 35.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded down 0.06% during midday trading on Wednesday, reaching $48.98. 919,905 shares of the company’s stock were exchanged. The company’s 50 day moving average is $50.51 and its 200-day moving average is $44.84. The stock has a market cap of $9.25 billion, a PE ratio of 18.62 and a beta of 0.82. Garmin Ltd. has a 12 month low of $30.93 and a 12 month high of $56.19.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, July 27th. The company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.20. Garmin had a return on equity of 14.97% and a net margin of 17.29%. The company earned $812 million during the quarter, compared to the consensus estimate of $763.37 million. During the same quarter last year, the firm earned $0.72 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Equities analysts forecast that Garmin Ltd. will post $2.53 EPS for the current fiscal year.
GRMN has been the subject of a number of analyst reports. JPMorgan Chase & Co. restated a “sell” rating and issued a $38.00 price objective on shares of Garmin in a research note on Wednesday, July 20th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Garmin in a research note on Monday, August 1st. Raymond James Financial Inc. cut shares of Garmin from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $30.93 to $54.38 in a research note on Monday, August 22nd. Longbow Research initiated coverage on shares of Garmin in a research note on Wednesday, August 17th. They issued a “neutral” rating for the company. Finally, Citigroup Inc. cut shares of Garmin to a “market perform” rating in a research note on Monday, August 22nd. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and a consensus target price of $40.97.
In related news, VP Philip Straub sold 1,084 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $55.36, for a total value of $60,010.24. The transaction 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 business’s stock in a transaction dated 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 corporate insiders.
Garmin Company Profile
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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