Bridgeway Capital Management Inc. Holds Position in Garmin Ltd. (GRMN)
Bridgeway Capital Management Inc. held its stake in Garmin Ltd. (NASDAQ:GRMN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 617,500 shares of the company’s stock at the end of the second quarter. Bridgeway Capital Management Inc. owned approximately 0.33% of Garmin worth $26,194,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the company. US Bancorp DE raised its stake in Garmin by 22.8% in the second quarter. US Bancorp DE now owns 2,818 shares of the company’s stock worth $120,000 after buying an additional 524 shares during the last quarter. BlueMountain Capital Management LLC acquired a new stake in Garmin during the second quarter worth $123,000. Hussman Strategic Advisors Inc. acquired a new stake in Garmin during the second quarter worth $148,000. Euclid Advisors LLC raised its stake in Garmin by 3.0% in the first quarter. Euclid Advisors LLC now owns 4,070 shares of the company’s stock worth $163,000 after buying an additional 120 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new stake in Garmin during the second quarter worth $176,000. 35.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded up 0.97% during mid-day trading on Friday, hitting $49.95. 727,392 shares of the stock traded hands. Garmin Ltd. has a 1-year low of $30.93 and a 1-year high of $56.19. The company has a market capitalization of $9.41 billion, a PE ratio of 18.65 and a beta of 0.84. The company’s 50-day moving average price is $48.45 and its 200 day moving average price is $46.61.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, October 26th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.54 by $0.21. Garmin had a net margin of 17.24% and a return on equity of 16.15%. The company had revenue of $722 million for the quarter, compared to the consensus estimate of $679.73 million. During the same period in the previous year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. Equities research analysts forecast that Garmin Ltd. will post $2.68 EPS for the current fiscal year.
A number of equities research analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Garmin from $49.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 25th. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $38.00 to $47.00 in a research note on Thursday, July 28th. Raymond James Financial Inc. raised shares of Garmin from a “market perform” rating to an “outperform” rating and set a $43.00 price objective on the stock in a research note on Thursday, August 25th. Vetr lowered shares of Garmin from a “hold” rating to a “sell” rating and set a $45.67 price objective on the stock. in a research note on Thursday, August 25th. Finally, Zacks Investment Research raised shares of Garmin from a “hold” rating to a “strong-buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, October 27th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $41.37.
In related news, VP Danny J. Bartel sold 786 shares of Garmin 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Philip Straub sold 1,084 shares of Garmin stock in a transaction on Monday, August 15th. The stock was sold at an average price of $55.36, for a total transaction of $60,010.24. The disclosure for this sale can be found here. 18.30% of the stock is currently owned by corporate 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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