Wellington Management Group LLP Acquires 41,103 Shares of Garmin Ltd. $GRMN

Key Points

• Wellington Management Group increased its Garmin stake by 147.1% in the second quarter, purchasing 41,103 additional shares and bringing its holdings to 69,049 shares valued at approximately $16.4 million. Institutional investors collectively own 81.6% of Garmin.
• Garmin reported quarterly earnings of $2.81 per share, exceeding estimates by $0.51, while revenue rose 11.4% year over year to $2.02 billion. Analysts expect the company to post $10.08 in EPS for the current year.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $310.17 versus the stock’s $276.90 opening price. Garmin insiders sold 16,751 shares worth nearly $5.0 million during the last quarter.

Wellington Management Group LLP grew its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 147.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,049 shares of the scientific and technical instruments company's stock after purchasing an additional 41,103 shares during the quarter. Wellington Management Group LLP's holdings in Garmin were worth $16,402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in GRMN. Westmount Partners LLC increased its holdings in Garmin by 1.9% in the first quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company's stock worth $512,000 after purchasing an additional 42 shares in the last quarter. Caldwell Trust Co boosted its holdings in shares of Garmin by 4.4% during the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company's stock worth $237,000 after buying an additional 43 shares in the last quarter. HHM Wealth Advisors LLC grew its position in shares of Garmin by 6.9% during the 1st quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company's stock worth $162,000 after buying an additional 45 shares during the period. Fulton Bank N.A. grew its position in shares of Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company's stock worth $388,000 after buying an additional 47 shares during the period. Finally, SJS Investment Consulting Inc. increased its stake in shares of Garmin by 23.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 264 shares of the scientific and technical instruments company's stock valued at $61,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GRMN. Tigress Financial reiterated a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. Barclays raised their price target on shares of Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Zacks Research raised shares of Garmin from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. KeyCorp reiterated a "sector weight" rating on shares of Garmin in a report on Wednesday. Finally, Wall Street Zen cut shares of Garmin from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $310.17.

Garmin Stock Down 0.0%

Shares of Garmin stock opened at $276.90 on Monday. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $314.28. The business has a 50 day moving average price of $272.72 and a 200-day moving average price of $253.02. 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.

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. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The company had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $1.93 billion. During the same quarter in the previous year, the firm earned $2.17 earnings per share. Garmin's quarterly revenue was up 11.4% on a year-over-year basis. As a group, research analysts anticipate that Garmin Ltd. will post 10.08 EPS for the current year.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares of the company's stock, valued at approximately $8,832,916.16. This represents a 25.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph Hartnett sold 643 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the completion of the sale, the director owned 21,277 shares of the company's stock, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,751 shares of company stock valued at $4,978,275 in the last quarter. 14.80% of the stock is owned by company insiders.

About Garmin

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.

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