Garmin Ltd. $GRMN Shares Sold by Andra AP fonden

Key Points

• Andra AP fonden cut its Garmin position by 36.3% in the second quarter, selling 33,900 shares and retaining 59,456 shares valued at approximately $14.1 million. Institutional investors collectively own 81.6% of Garmin’s stock.
• Garmin reported quarterly earnings of $2.81 per share, exceeding the $2.30 consensus estimate, while revenue reached $2.02 billion, up 11.4% year over year. The stock opened at $284.64, within its $186.67–$314.28 12-month range.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $310.17, although insiders have sold 16,108 shares worth about $4.8 million over the past 90 days.

Andra AP fonden reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 36.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 59,456 shares of the scientific and technical instruments company's stock after selling 33,900 shares during the period. Andra AP fonden's holdings in Garmin were worth $14,123,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its position in Garmin by 121.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 107,929 shares of the scientific and technical instruments company's stock worth $25,041,000 after acquiring an additional 59,229 shares in the last quarter. Plato Investment Management Ltd acquired a new position in shares of Garmin in the 2nd quarter worth approximately $1,447,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of Garmin in the 2nd quarter worth about $1,237,000. Westerkirk Capital Inc. lifted its holdings in Garmin by 88.2% in the fourth quarter. Westerkirk Capital Inc. now owns 20,700 shares of the scientific and technical instruments company's stock worth $4,199,000 after acquiring an additional 9,700 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Garmin by 51.2% in the first quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company's stock valued at $81,491,000 after buying an additional 119,011 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

NYSE GRMN opened at $284.64 on Wednesday. The firm's 50 day moving average price is $281.35 and its two-hundred day moving average price is $255.65. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $314.28. The stock has a market cap of $54.89 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 3.13 and a beta of 0.85.

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

Wall Street Analysts Forecast Growth

GRMN has been the subject of several recent analyst reports. UBS Group set a $370.00 price target on Garmin in a research note on Thursday, August 6th. Wall Street Zen cut shares of Garmin from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. Zacks Research raised shares of Garmin from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Barclays raised their price objective on shares of Garmin from $238.00 to $297.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Finally, Tigress Financial reaffirmed a "strong-buy" rating on shares of Garmin in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Garmin currently has a consensus rating of "Moderate Buy" and an average price target of $310.17.

Insiders Place Their Bets

In related news, Director Sean Biddlecombe sold 986 shares of the stock in a transaction that occurred 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 sale, the director owned 6,021 shares in the company, valued at $1,763,430.48. This represents a 14.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the transaction, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,108 shares of company stock worth $4,808,799 in the last 90 days. 14.80% of the stock is owned by company insiders.

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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