Nationwide Fund Advisors Grows Stake in Garmin Ltd. (GRMN)
Nationwide Fund Advisors lifted its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 1.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,791 shares of the scientific and technical instruments company’s stock after purchasing an additional 900 shares during the period. Nationwide Fund Advisors’ holdings in Garmin were worth $4,327,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. State of Wisconsin Investment Board increased its stake in shares of Garmin by 46.0% during the second quarter. State of Wisconsin Investment Board now owns 120,741 shares of the scientific and technical instruments company’s stock worth $6,161,000 after purchasing an additional 38,020 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Garmin by 3.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 722,581 shares of the scientific and technical instruments company’s stock worth $36,874,000 after acquiring an additional 24,777 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Garmin by 8.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 256,239 shares of the scientific and technical instruments company’s stock worth $13,076,000 after acquiring an additional 20,690 shares during the last quarter. Cutler Group LP acquired a new position in Garmin during the second quarter worth about $188,000. Finally, MARSHALL WACE ASIA Ltd acquired a new position in Garmin during the first quarter worth about $1,002,000. 39.59% of the stock is owned by institutional investors and hedge funds.
Garmin Ltd. (NASDAQ:GRMN) opened at 53.83 on Friday. Garmin Ltd. has a one year low of $46.80 and a one year high of $55.74. The stock has a 50 day moving average of $52.58 and a 200 day moving average of $51.60. The firm has a market capitalization of $10.10 billion, a price-to-earnings ratio of 15.13 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The business had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. During the same period last year, the company earned $0.87 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Analysts forecast that Garmin Ltd. will post $2.80 earnings per share for the current year.
In related news, major shareholder Jonathan Burrell sold 232,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $51.36, for a total value of $11,915,520.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Andrew R. Etkind sold 2,073 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $53.00, for a total transaction of $109,869.00. The disclosure for this sale can be found here. Insiders sold 978,183 shares of company stock worth $50,616,903 over the last three months. Corporate insiders own 18.30% of the company’s stock.
A number of research firms recently weighed in on GRMN. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. BidaskClub lowered shares of Garmin from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Longbow Research restated a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Morgan Stanley set a $50.00 price target on shares of Garmin and gave the stock a “hold” rating in a research report on Monday, July 31st. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $52.80.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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