Marshall Wace LLP cut its holdings in Garmin Ltd. (NASDAQ:GRMN) by 28.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 319,858 shares of the scientific and technical instruments company’s stock after selling 128,786 shares during the quarter. Marshall Wace LLP owned approximately 0.16% of Garmin worth $22,406,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in GRMN. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of Garmin in the third quarter valued at approximately $100,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Garmin in the second quarter valued at approximately $108,000. First Hawaiian Bank acquired a new stake in shares of Garmin in the third quarter valued at approximately $118,000. Sun Life Financial INC grew its position in shares of Garmin by 1,601.7% in the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock valued at $120,000 after purchasing an additional 1,858 shares during the last quarter. Finally, Fort L.P. acquired a new stake in shares of Garmin in the second quarter valued at approximately $121,000. Institutional investors and hedge funds own 42.38% of the company’s stock.
In related news, insider Clifton A. Pemble sold 15,637 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $70.00, for a total transaction of $1,094,590.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Min H. Kao sold 479,645 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 1,799,429 shares in the company, 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 worth $149,595,036. 17.85% of the stock is owned by company insiders.
Several analysts have recently commented on the stock. BidaskClub lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Longbow Research set a $75.00 price target on shares of Garmin and gave the company a “buy” rating in a research report on Thursday, September 20th. Bank of America set a $70.00 price target on shares of Garmin and gave the company a “sell” rating in a research 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 equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $67.83.
Shares of NASDAQ GRMN opened at $64.68 on Friday. 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 $12.88 billion, a P/E ratio of 22.00, a PEG ratio of 2.55 and a beta of 0.97.
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 firm had revenue of $810.01 million for the quarter, compared to analyst estimates of $784.06 million. During the same quarter last year, the business earned $0.75 earnings per share. Garmin’s revenue was up 7.8% compared to the same quarter last year. Analysts forecast that Garmin Ltd. will post 3.47 EPS for the current year.
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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