Tiverton Asset Management LLC Makes New Investment in Garmin Ltd. (NASDAQ:GRMN)
Tiverton Asset Management LLC purchased a new stake in Garmin Ltd. (NASDAQ:GRMN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 4,607 shares of the scientific and technical instruments company’s stock, valued at approximately $368,000.
A number of other hedge funds have also modified their holdings of GRMN. Bank of New York Mellon Corp increased its holdings in Garmin by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,266,909 shares of the scientific and technical instruments company’s stock worth $101,098,000 after purchasing an additional 28,155 shares during the period. M&T Bank Corp raised its holdings in Garmin by 0.5% in the second quarter. M&T Bank Corp now owns 41,077 shares of the scientific and technical instruments company’s stock valued at $3,280,000 after acquiring an additional 193 shares in the last quarter. Pearl River Capital LLC acquired a new stake in Garmin in the second quarter valued at approximately $31,000. Korea Investment CORP lifted its stake in Garmin by 140.2% in the second quarter. Korea Investment CORP now owns 106,221 shares of the scientific and technical instruments company’s stock worth $8,476,000 after acquiring an additional 62,000 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in Garmin by 10.4% in the second quarter. LPL Financial LLC now owns 16,575 shares of the scientific and technical instruments company’s stock worth $1,323,000 after acquiring an additional 1,558 shares during the last quarter. 42.02% of the stock is owned by institutional investors.
In other news, insider Sean Biddlecombe sold 316 shares of Garmin stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $80.39, for a total value of $25,403.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Min H. Kao sold 430,636 shares of Garmin stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $75.42, for a total transaction of $32,478,567.12. Following the completion of the sale, the insider now directly owns 1,779,429 shares in the company, valued at approximately $134,204,535.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,473,446 shares of company stock worth $430,492,687. Insiders own 23.83% of the company’s stock.
NASDAQ:GRMN traded up $0.47 during midday trading on Wednesday, hitting $84.38. 22,038 shares of the company were exchanged, compared to its average volume of 940,857. Garmin Ltd. has a fifty-two week low of $59.98 and a fifty-two week high of $89.72. The company has a market capitalization of $16.86 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91. The company has a current ratio of 2.39, a quick ratio of 1.76 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $79.29 and a 200 day simple moving average of $81.42.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The company had revenue of $955.00 million for the quarter, compared to analyst estimates of $930.98 million. During the same quarter last year, the company posted $0.99 earnings per share. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts expect that Garmin Ltd. will post 3.9 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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