AXQ Capital LP increased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 883.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,325 shares of the scientific and technical instruments company's stock after buying an additional 8,377 shares during the period. AXQ Capital LP's holdings in Garmin were worth $2,215,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Garmin in the fourth quarter worth $395,234,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Garmin in the 4th quarter valued at $214,382,000. Man Group plc lifted its stake in Garmin by 232.0% during the 4th quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company's stock valued at $164,793,000 after acquiring an additional 567,711 shares in the last quarter. Bank of America Corp DE lifted its stake in Garmin by 73.8% during the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company's stock valued at $300,499,000 after acquiring an additional 549,954 shares in the last quarter. Finally, Amundi boosted its holdings in Garmin by 82.5% during the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company's stock worth $236,027,000 after acquiring an additional 459,980 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.
Garmin Trading Down 0.1%
Shares of GRMN opened at $276.90 on Friday. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $314.28. The company 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. The stock has a 50-day moving average price of $272.72 and a 200-day moving average price of $252.76.
Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. Garmin's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.17 earnings per share. As a group, analysts predict that Garmin Ltd. will post 10.08 earnings per share for the current year.
Analysts Set New Price Targets
Several analysts have recently issued reports on the stock. UBS Group set a $370.00 target price on shares of Garmin in a research note on Thursday, August 6th. Zacks Research upgraded shares of Garmin from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Barclays upped their price objective on shares of Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Garmin from a "buy" rating to a "hold" rating in a research note on Saturday, June 20th. Finally, Tigress Financial reissued a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. 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. According to MarketBeat.com, Garmin has a consensus rating of "Moderate Buy" and a consensus price target of $310.17.
Read Our Latest Analysis on GRMN
Insider Activity at Garmin
In related news, CEO Clifton Pemble sold 4,029 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the transaction, the chief executive officer owned 120,127 shares of the company's stock, valued at approximately $36,038,100. This trade represents a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sean Biddlecombe sold 986 shares of Garmin stock in a transaction on Friday, July 31st. The stock was sold at an average price of $292.88, for a total transaction of $288,779.68. Following the completion of the transaction, the director owned 6,021 shares in the company, valued at approximately $1,763,430.48. The trade was a 14.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,751 shares of company stock worth $4,978,275 in the last quarter. 14.80% of the stock is owned by company insiders.
Garmin Profile
(
Free Report)
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.
Further Reading
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