Oppenheimer & Co. Inc. Reduces Position in Garmin Ltd. (GRMN)
Oppenheimer & Co. Inc. decreased its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 31.4% during the second quarter, Holdings Channel reports. The fund owned 7,088 shares of the company’s stock after selling 3,250 shares during the period. Oppenheimer & Co. Inc.’s holdings in Garmin were worth $301,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in GRMN. Norges Bank bought a new stake in shares of Garmin during the fourth quarter worth $63,253,000. Chevy Chase Trust Holdings Inc. raised its stake in Garmin by 4.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 99,252 shares of the company’s stock valued at $3,966,000 after buying an additional 3,912 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Garmin by 13.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,526 shares of the company’s stock valued at $1,100,000 after buying an additional 3,241 shares during the last quarter. Exxonmobil Investment Management Inc. TX raised its stake in Garmin by 8.3% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 28,639 shares of the company’s stock valued at $1,144,000 after buying an additional 2,188 shares during the last quarter. Finally, PGGM Investments raised its stake in Garmin by 2.5% in the first quarter. PGGM Investments now owns 71,363 shares of the company’s stock valued at $2,852,000 after buying an additional 1,748 shares during the last quarter. 35.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded up 1.26% during mid-day trading on Wednesday, reaching $48.15. 489,395 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $51.42 and its 200-day moving average price is $44.52. Garmin Ltd. has a one year low of $30.93 and a one year high of $56.19. The company has a market capitalization of $9.09 billion, a PE ratio of 18.30 and a beta of 0.82.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.20. The business had revenue of $812 million for the quarter, compared to the consensus estimate of $763.37 million. Garmin had a net margin of 17.29% and a return on equity of 14.97%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS. On average, equities analysts expect that Garmin Ltd. will post $2.53 earnings per share for the current year.
GRMN has been the topic of several research reports. Zacks Investment Research lowered shares of Garmin from a “hold” rating to a “sell” rating in a research note on Tuesday, June 28th. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $38.00 to $47.00 in a research note on Thursday, July 28th. Citigroup Inc. lowered shares of Garmin to a “market perform” rating in a research note on Monday, August 22nd. They noted that the move was a valuation call. Morgan Stanley dropped their price objective on shares of Garmin from $49.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 25th. Finally, Goldman Sachs Group Inc. lowered shares of Garmin from a “neutral” rating to a “sell” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, August 24th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $40.97.
In other news, insider Clifton A. Pemble sold 1,429 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $55.00, for a total value of $78,595.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Philip Straub sold 1,084 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $55.36, for a total transaction of $60,010.24. The disclosure for this sale can be found here. Company insiders own 18.30% of the company’s stock.
Garmin Company Profile
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.
Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NASDAQ:GRMN).
Receive News & Ratings for Garmin Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin Ltd. and related companies with Analyst Ratings Network's FREE daily email newsletter.