Hopwood Nicholas Hunter Purchases New Position in Garmin Ltd. $GRMN

Hopwood Nicholas Hunter purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,305 shares of the scientific and technical instruments company’s stock, valued at approximately $548,000.

Other hedge funds have also recently made changes to their positions in the company. Westmount Partners LLC boosted its holdings in Garmin by 1.9% in the first quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company’s stock valued at $512,000 after acquiring an additional 42 shares in the last quarter. Caldwell Trust Co lifted its position in shares of Garmin by 4.4% in the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock worth $237,000 after purchasing an additional 43 shares during the period. HHM Wealth Advisors LLC lifted its position in shares of Garmin by 6.9% in the 1st quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock worth $162,000 after purchasing an additional 45 shares during the period. Fulton Bank N.A. boosted its stake in shares of Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock valued at $388,000 after purchasing an additional 47 shares in the last quarter. Finally, SJS Investment Consulting Inc. increased its position in shares of Garmin by 23.9% during the first quarter. SJS Investment Consulting Inc. now owns 264 shares of the scientific and technical instruments company’s stock valued at $61,000 after buying an additional 51 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on GRMN. Barclays raised their price objective on shares of Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. UBS Group set a $370.00 target price on Garmin in a research report on Thursday, August 6th. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research report on Thursday, August 6th. Finally, Zacks Research raised Garmin from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $310.17.

Insider Buying and Selling

In other news, Director Sean Biddlecombe sold 986 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $292.88, for a total value of $288,779.68. Following the transaction, the director owned 6,021 shares in the company, valued at approximately $1,763,430.48. This represents a 14.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Joshua H. Maxfield sold 1,152 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $291.13, for a total transaction of $335,381.76. Following the sale, the vice president owned 15,042 shares in the company, valued at approximately $4,379,177.46. The trade was a 7.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,751 shares of company stock worth $4,978,275 over the last quarter. 14.80% of the stock is owned by insiders.

Garmin Stock Down 0.1%

GRMN stock opened at $276.90 on Friday. The business has a 50 day moving average of $272.72 and a 200 day moving average of $252.76. The firm has a market cap of $53.40 billion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 3.10 and a beta of 0.85. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $314.28.

Garmin (NYSE:GRMN) last released its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.30 by $0.51. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the previous year, the company posted $2.17 earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, research analysts expect that Garmin Ltd. will post 10.08 earnings per share for the current fiscal year.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.