Westpac Banking Corp acquired a new position in Garmin Ltd. (NASDAQ:GRMN) in the second quarter, HoldingsChannel reports. The fund acquired 22,707 shares of the scientific and technical instruments company’s stock, valued at approximately $3,284,000.
A number of other large investors have also added to or reduced their stakes in GRMN. Janus Henderson Group PLC lifted its stake in Garmin by 13.4% in the first quarter. Janus Henderson Group PLC now owns 2,002,694 shares of the scientific and technical instruments company’s stock worth $264,055,000 after acquiring an additional 237,424 shares during the period. Captrust Financial Advisors raised its holdings in Garmin by 1,940.4% in the first quarter. Captrust Financial Advisors now owns 209,526 shares of the scientific and technical instruments company’s stock worth $27,626,000 after purchasing an additional 199,257 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Garmin by 22.3% in the second quarter. Alliancebernstein L.P. now owns 998,651 shares of the scientific and technical instruments company’s stock worth $144,445,000 after purchasing an additional 181,874 shares in the last quarter. AGF Investments Inc. raised its holdings in Garmin by 67.1% in the first quarter. AGF Investments Inc. now owns 436,134 shares of the scientific and technical instruments company’s stock worth $57,504,000 after purchasing an additional 175,189 shares in the last quarter. Finally, Bowen Hanes & Co. Inc. bought a new position in Garmin in the first quarter worth about $21,755,000. 51.64% of the stock is owned by institutional investors.
A number of equities analysts have commented on GRMN shares. Zacks Investment Research boosted their target price on shares of Garmin to $171.25 in a report on Tuesday, September 14th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Garmin from $140.00 to $155.00 and gave the stock a “hold” rating in a report on Thursday, July 29th. Bank of America downgraded shares of Garmin from a “buy” rating to a “neutral” rating and set a $155.00 price objective on the stock. in a report on Tuesday, June 22nd. Tigress Financial restated a “strong-buy” rating and set a $198.00 price objective (up previously from $174.00) on shares of Garmin in a report on Wednesday, August 4th. Finally, Morgan Stanley upped their price objective on shares of Garmin from $138.00 to $147.00 and gave the company an “equal weight” rating in a report on Thursday, July 29th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Garmin currently has a consensus rating of “Buy” and an average price target of $157.04.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, July 28th. The scientific and technical instruments company reported $1.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.45. Garmin had a return on equity of 21.68% and a net margin of 24.36%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.07 billion. As a group, sell-side analysts forecast that Garmin Ltd. will post 5.6 earnings per share for the current fiscal year.
In related news, CEO Clifton A. Pemble sold 2,333 shares of the company’s stock in a transaction on Friday, August 6th. The stock was sold at an average price of $165.00, for a total value of $384,945.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sean Biddlecombe sold 405 shares of the company’s stock in a transaction on Wednesday, August 4th. The shares were sold at an average price of $161.14, for a total value of $65,261.70. The disclosure for this sale can be found here. Company insiders own 21.39% of the company’s stock.
Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.
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