Garmin Ltd. $GRMN Shares Acquired by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP increased its Garmin position by 198.8% in the second quarter, buying 4,958 additional shares for a total holding worth approximately $1.77 million. Institutional investors and hedge funds collectively own 81.6% of Garmin.
• Garmin insiders sold 16,108 shares worth about $4.81 million over the past three months, including sales by an insider and CEO Clifton Pemble.
• Garmin exceeded quarterly expectations with $2.81 in EPS and $2.02 billion in revenue, while revenue grew 11.4% year over year. Analysts give the stock a consensus “Moderate Buy” rating with an average price target of $310.17.

Engineers Gate Manager LP lifted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 198.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,452 shares of the scientific and technical instruments company's stock after purchasing an additional 4,958 shares during the quarter. Engineers Gate Manager LP's holdings in Garmin were worth $1,770,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Groupe la Francaise boosted its position in Garmin by 346.4% in the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company's stock valued at $29,000 after buying an additional 97 shares during the last quarter. Reflection Asset Management purchased a new position in Garmin during the 4th quarter worth approximately $32,000. Archer Investment Corp purchased a new position in Garmin during the 1st quarter worth approximately $37,000. SHP Wealth Management acquired a new stake in Garmin during the 4th quarter valued at approximately $44,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Garmin during the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Buying and Selling at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the transaction, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Clifton Pemble sold 4,029 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 120,127 shares of the company's stock, valued at approximately $36,038,100. The trade was a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,108 shares of company stock worth $4,808,799 over the last three months. 14.80% of the stock is owned by corporate insiders.

Garmin Price Performance

Shares of NYSE:GRMN opened at $277.39 on Thursday. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $314.28. The firm has a market capitalization of $53.50 billion, a PE ratio of 28.60, a P/E/G ratio of 3.12 and a beta of 0.85. The business's 50 day moving average price is $278.50 and its 200-day moving average price is $254.92.

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 EPS for the quarter, beating the consensus estimate of $2.30 by $0.51. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The firm's revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.17 EPS. As a group, analysts expect that Garmin Ltd. will post 10.08 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GRMN shares. Zacks Research upgraded shares of Garmin from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Morgan Stanley boosted their target price on shares of Garmin from $249.00 to $289.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a report on Friday, September 4th. Barclays increased their price target on Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Finally, UBS Group set a $370.00 price objective on Garmin in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Garmin presently has a consensus rating of "Moderate Buy" and a consensus target price of $310.17.

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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