Garmin Ltd. $GRMN Position Raised by Baird Financial Group Inc.

Key Points

• Baird Financial Group increased its Garmin position by 16.9% in the second quarter, bringing its holdings to 27,015 shares valued at approximately $6.4 million. Institutional investors collectively own 81.6% of Garmin’s stock.
• Garmin insiders sold 16,108 shares worth about $4.8 million during the past quarter, including sales by an executive and the CEO. Insiders own 14.8% of the company.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $310.17. Garmin recently beat quarterly estimates, reporting $2.81 in EPS and $2.02 billion in revenue, with revenue up 11.4% year over year.

Baird Financial Group Inc. boosted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 16.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,015 shares of the scientific and technical instruments company's stock after purchasing an additional 3,908 shares during the period. Baird Financial Group Inc.'s holdings in Garmin were worth $6,417,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GRMN. Allworth Financial LP raised its holdings in shares of Garmin by 13.5% in the 2nd quarter. Allworth Financial LP now owns 3,226 shares of the scientific and technical instruments company's stock worth $766,000 after purchasing an additional 384 shares in the last quarter. Arizona State Retirement System boosted its holdings in Garmin by 5.6% during the second quarter. Arizona State Retirement System now owns 46,909 shares of the scientific and technical instruments company's stock worth $11,143,000 after buying an additional 2,470 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Garmin by 90.2% during the second quarter. Parkside Financial Bank & Trust now owns 970 shares of the scientific and technical instruments company's stock worth $230,000 after buying an additional 460 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Garmin in the second quarter worth approximately $6,176,000. Finally, California State Teachers Retirement System grew its position in Garmin by 23,029.3% in the second quarter. California State Teachers Retirement System now owns 59,413,980 shares of the scientific and technical instruments company's stock worth $14,113,197,000 after buying an additional 59,157,102 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the transaction, the insider owned 29,506 shares of the company's stock, valued at $8,832,916.16. The trade was a 25.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 4,029 shares of the company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total value of $1,208,700.00. Following the completion of the transaction, the chief executive officer owned 120,127 shares in the company, valued at $36,038,100. This represents a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 16,108 shares of company stock valued at $4,808,799. 14.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GRMN shares. KeyCorp reiterated a "sector weight" rating on shares of Garmin in a research report on Wednesday, September 2nd. Morgan Stanley lifted their target price on Garmin from $249.00 to $289.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Barclays lifted their target price on Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Tigress Financial reaffirmed a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. Finally, UBS Group set a $370.00 target price on Garmin in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $310.17.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $280.82 on Tuesday. The company has a market cap of $54.16 billion, a PE ratio of 28.95, a price-to-earnings-growth ratio of 3.16 and a beta of 0.85. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $314.28. The firm has a 50 day simple moving average of $277.23 and a 200 day simple moving average of $254.56.

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

Garmin Company Profile

Garmin Ltd. is a technology company that develops products and services based on global positioning system (GPS) and other navigation technologies. The company serves consumers, businesses and specialized markets through its fitness, outdoor, aviation, marine and automotive original equipment manufacturer (OEM) segments.

Its product portfolio includes smartwatches and cycling computers, sports and activity trackers, outdoor navigation devices, satellite communication products, aviation avionics and navigation systems, marine chartplotters and sonar equipment, and in-vehicle navigation and infotainment solutions.

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