Garmin Ltd. (GRMN) Holdings Boosted by Commerce Bank
Commerce Bank lifted its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 10.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 208,124 shares of the scientific and technical instruments company’s stock after acquiring an additional 19,624 shares during the period. Commerce Bank owned 0.11% of Garmin worth $11,232,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC grew its position in Garmin by 8,318.2% in the 2nd quarter. Janus Henderson Group PLC now owns 1,257,516 shares of the scientific and technical instruments company’s stock valued at $64,171,000 after buying an additional 1,242,578 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Garmin by 117.9% in the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock valued at $113,730,000 after acquiring an additional 1,205,778 shares during the period. Marshall Wace North America L.P. lifted its holdings in Garmin by 3,623.9% in the second quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock valued at $37,343,000 after acquiring an additional 712,537 shares during the period. Principal Financial Group Inc. lifted its holdings in Garmin by 123.5% in the second quarter. Principal Financial Group Inc. now owns 1,158,613 shares of the scientific and technical instruments company’s stock valued at $59,123,000 after acquiring an additional 640,133 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Garmin by 153.9% in the second quarter. Alliancebernstein L.P. now owns 1,042,380 shares of the scientific and technical instruments company’s stock valued at $53,193,000 after acquiring an additional 631,827 shares during the period. Institutional investors and hedge funds own 38.01% of the company’s stock.
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Shares of Garmin Ltd. (NASDAQ GRMN) traded up $0.46 on Friday, hitting $60.75. The company’s stock had a trading volume of 859,100 shares, compared to its average volume of 1,119,695. Garmin Ltd. has a one year low of $47.03 and a one year high of $61.28. The firm has a market cap of $12,040.00, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 2.49 and a beta of 0.80.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The business had revenue of $743.00 million for the quarter, compared to analyst estimates of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.75 EPS. research analysts forecast that Garmin Ltd. will post 2.9 EPS for the current year.
In related news, EVP Patrick Desbois sold 1,881 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $103,455.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Andrew R. Etkind sold 2,189 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total value of $113,828.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,551,148 shares of company stock worth $86,920,736. Corporate insiders own 18.30% of the company’s stock.
Several research analysts have recently issued reports on the company. BidaskClub downgraded Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Longbow Research reaffirmed a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Morgan Stanley lifted their price target on Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. Finally, KeyCorp reissued a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Garmin presently has a consensus rating of “Hold” and a consensus target price of $56.33.
Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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