Garmin Ltd. (GRMN) Position Cut by Legal & General Group Plc
Legal & General Group Plc trimmed its stake in Garmin Ltd. (NASDAQ:GRMN) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 626,641 shares of the scientific and technical instruments company’s stock after selling 28,854 shares during the quarter. Legal & General Group Plc owned about 0.32% of Garmin worth $38,225,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in GRMN. Point72 Asia Hong Kong Ltd grew its stake in Garmin by 105.4% during the first quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock worth $102,000 after buying an additional 891 shares during the period. Sun Life Financial INC grew its stake in Garmin by 1,601.7% during the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock worth $120,000 after buying an additional 1,858 shares during the period. Cerebellum GP LLC purchased a new stake in Garmin during the second quarter worth approximately $174,000. Engineers Gate Manager LP purchased a new stake in Garmin during the second quarter worth approximately $201,000. Finally, TLP Group LLC grew its stake in Garmin by 2,037.7% during the first quarter. TLP Group LLC now owns 3,463 shares of the scientific and technical instruments company’s stock worth $204,000 after buying an additional 3,301 shares during the period. Hedge funds and other institutional investors own 39.82% of the company’s stock.
A number of research analysts have recently commented on the stock. BidaskClub cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Finally, Longbow Research set a $72.00 target price on shares of Garmin and gave the stock a “buy” rating in a research report on Thursday, July 19th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Garmin currently has a consensus rating of “Hold” and an average price target of $62.80.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.12. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The business had revenue of $894.50 million for the quarter, compared to analysts’ expectations of $844.76 million. During the same period in the previous year, the company posted $0.88 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. research analysts anticipate that Garmin Ltd. will post 3.3 EPS for the current year.
In related news, insider Min H. Kao sold 151,218 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $61.64, for a total value of $9,321,077.52. Following the sale, the insider now directly owns 5,811,913 shares of the company’s stock, valued at $358,246,317.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 1,308 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $64.89, for a total transaction of $84,876.12. The disclosure for this sale can be found here. Insiders sold 4,657,487 shares of company stock worth $297,502,351 over the last ninety days. 17.85% of the stock is currently owned by corporate insiders.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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