AMP Capital Investors Ltd Grows Holdings in Garmin Ltd. (GRMN)

AMP Capital Investors Ltd boosted its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 5.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,978 shares of the scientific and technical instruments company’s stock after buying an additional 5,600 shares during the period. AMP Capital Investors Ltd owned approximately 0.05% of Garmin worth $7,236,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Blair William & Co. IL purchased a new stake in shares of Garmin in the third quarter valued at about $208,000. Dimensional Fund Advisors LP raised its holdings in shares of Garmin by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,363,302 shares of the scientific and technical instruments company’s stock valued at $95,492,000 after purchasing an additional 34,887 shares during the last quarter. Pictet Asset Management Ltd. purchased a new stake in shares of Garmin in the third quarter valued at about $4,212,000. Carillon Tower Advisers Inc. raised its holdings in shares of Garmin by 97.0% in the third quarter. Carillon Tower Advisers Inc. now owns 188,525 shares of the scientific and technical instruments company’s stock valued at $13,206,000 after purchasing an additional 92,825 shares during the last quarter. Finally, Korea Investment CORP raised its holdings in shares of Garmin by 123.1% in the third quarter. Korea Investment CORP now owns 141,721 shares of the scientific and technical instruments company’s stock valued at $9,928,000 after purchasing an additional 78,200 shares during the last quarter. Hedge funds and other institutional investors own 42.38% of the company’s stock.

GRMN opened at $64.68 on Friday. The stock has a market cap of $13.15 billion, a P/E ratio of 22.00, a P/E/G ratio of 2.60 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $57.01 and a fifty-two week high of $70.77.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.24. The company had revenue of $810.01 million during the quarter, compared to analyst estimates of $784.06 million. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 earnings per share. On average, equities analysts forecast that Garmin Ltd. will post 3.47 EPS for the current year.

Several brokerages have recently commented on GRMN. BidaskClub downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Wednesday, August 15th. Longbow Research set a $75.00 target price on shares of Garmin and gave the company a “buy” rating in a report on Thursday, September 20th. Bank of America set a $70.00 target price on shares of Garmin and gave the company a “sell” rating in a report on Thursday, November 15th. Finally, Morgan Stanley set a $77.00 price target on shares of Garmin and gave the company an “equal weight” rating in a research report on Friday, September 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $67.83.

In other Garmin news, Chairman Min H. Kao sold 125,796 shares of the stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $65.38, for a total transaction of $8,224,542.48. Following the completion of the transaction, the chairman now owns 1,901,429 shares in the company, valued at $124,315,428.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Min H. Kao sold 479,645 shares of the stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $64.82, for a total transaction of $31,090,588.90. Following the transaction, the insider now owns 1,799,429 shares of the company’s stock, valued at approximately $116,638,987.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,314,037 shares of company stock valued at $149,595,036. 17.85% of the stock is owned by company insiders.

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Garmin Company Profile

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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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