Algert Global LLC bought a new position in Garmin Ltd. (NASDAQ:GRMN) during the third quarter, Holdings Channel reports. The institutional investor bought 27,000 shares of the company’s stock, valued at approximately $1,299,000.
Other large investors have also recently added to or reduced their stakes in the company. Summit Financial Wealth Advisors LLC increased its stake in Garmin by 2.1% in the third quarter. Summit Financial Wealth Advisors LLC now owns 53,845 shares of the company’s stock worth $2,590,000 after buying an additional 1,105 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Garmin during the second quarter worth $201,000. Kentucky Retirement Systems purchased a new stake in Garmin during the second quarter worth $423,000. Mason Street Advisors LLC purchased a new stake in Garmin during the second quarter worth $670,000. Finally, Calvert Investment Management Inc. increased its stake in Garmin by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,313 shares of the company’s stock worth $310,000 after buying an additional 108 shares during the last quarter. Institutional investors own 35.75% of the company’s stock.
Garmin Ltd. (NASDAQ:GRMN) opened at 47.98 on Friday. The firm has a market capitalization of $9.06 billion, a PE ratio of 18.24 and a beta of 0.83. Garmin Ltd. has a 52-week low of $30.93 and a 52-week high of $56.19. The stock’s 50 day moving average price is $48.45 and its 200 day moving average price is $45.48.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.20. Garmin had a return on equity of 14.97% and a net margin of 17.29%. The company had revenue of $812 million for the quarter, compared to the consensus estimate of $763.37 million. During the same quarter last year, the business posted $0.72 EPS. Garmin’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts predict that Garmin Ltd. will post $2.53 EPS for the current fiscal year.
A number of research firms have recently weighed in on GRMN. Vetr downgraded Garmin from a “hold” rating to a “sell” rating and set a $45.67 target price for the company. in a research report on Thursday, August 25th. Raymond James Financial Inc. upgraded Garmin from a “market perform” rating to an “outperform” rating and set a $43.00 target price for the company in a research report on Thursday, August 25th. Morgan Stanley dropped their target price on Garmin from $49.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, August 25th. Goldman Sachs Group Inc. downgraded Garmin from a “neutral” rating to a “sell” rating and set a $12.00 price objective for the company. in a report on Wednesday, August 24th. Finally, Citigroup Inc. downgraded Garmin to a “market perform” rating in a report on Monday, August 22nd. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $40.97.
In related news, VP Danny J. Bartel sold 786 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $54.53, for a total transaction of $42,860.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew R. Etkind sold 1,046 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $54.90, for a total value of $57,425.40. The disclosure for this sale can be found here. Corporate insiders own 18.30% of the company’s stock.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.