Allianz Asset Management GmbH grew its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 486,542 shares of the scientific and technical instruments company’s stock after buying an additional 4,849 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.25% of Garmin worth $34,082,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. First Hawaiian Bank bought a new stake in Garmin during the third quarter worth about $118,000. Flagship Harbor Advisors LLC bought a new stake in Garmin during the second quarter worth about $108,000. Sun Life Financial INC grew its stake in Garmin by 1,601.7% during the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock worth $120,000 after buying an additional 1,858 shares during the last quarter. Fort L.P. bought a new stake in Garmin during the second quarter worth about $121,000. Finally, Stratos Wealth Partners LTD. bought a new stake in Garmin during the third quarter worth about $141,000. 40.59% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Min H. Kao sold 95,814 shares of the stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $69.70, for a total value of $6,678,235.80. Following the transaction, the insider now directly owns 1,901,429 shares in the company, valued at $132,529,601.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Min H. Kao sold 75,000 shares of the stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $62.27, for a total transaction of $4,670,250.00. Following the completion of the transaction, the chairman now owns 1,799,429 shares in the company, valued at $112,050,443.83. The disclosure for this sale can be found here. Insiders have sold 2,314,037 shares of company stock worth $149,595,036 over the last quarter. 17.85% of the stock is owned by company insiders.
Several analysts have weighed in on the stock. BidaskClub cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. Longbow Research set a $75.00 target price on shares of Garmin and gave the stock a “buy” rating in a research report on Thursday, September 20th. Bank of America set a $70.00 target price on shares of Garmin and gave the stock a “sell” rating in a research report on Thursday, November 15th. Finally, Morgan Stanley set a $77.00 target price on shares of Garmin and gave the stock an “equal weight” rating in a research report on Friday, September 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $67.83.
Shares of GRMN stock opened at $66.66 on Monday. Garmin Ltd. has a 1 year low of $57.01 and a 1 year high of $70.77. The company has a market cap of $13.20 billion, a PE ratio of 22.67, a P/E/G ratio of 2.62 and a beta of 0.98.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.24. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The company had revenue of $810.01 million for the quarter, compared to analyst estimates of $784.06 million. During the same period in the prior year, the business earned $0.75 earnings per share. Garmin’s quarterly revenue was up 7.8% on a year-over-year basis. Research analysts anticipate that Garmin Ltd. will post 3.47 EPS for the current fiscal year.
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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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