Rational Advisors LLC acquired a new stake in Garmin Ltd. (NASDAQ:GRMN) in the 1st quarter, HoldingsChannel reports. The fund acquired 17,568 shares of the scientific and technical instruments company’s stock, valued at approximately $1,517,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GRMN. Oregon Public Employees Retirement Fund raised its holdings in shares of Garmin by 5,916.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock valued at $25,000 after buying an additional 1,560,423 shares during the last quarter. Nikko Asset Management Americas Inc. raised its holdings in shares of Garmin by 207.7% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 437 shares of the scientific and technical instruments company’s stock valued at $28,000 after buying an additional 295 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in shares of Garmin in the first quarter valued at about $30,000. Huntington National Bank raised its holdings in shares of Garmin by 244.4% in the first quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock valued at $32,000 after buying an additional 264 shares during the last quarter. Finally, Enlightenment Research LLC purchased a new stake in shares of Garmin in the fourth quarter valued at about $38,000. Institutional investors own 42.10% of the company’s stock.
A number of equities research analysts have recently commented on GRMN shares. BidaskClub raised shares of Garmin from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 13th. ValuEngine cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, February 19th. Morgan Stanley set a $81.00 price target on shares of Garmin and gave the stock a “hold” rating in a report on Thursday, May 2nd. Longbow Research cut shares of Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price target for the company. in a report on Thursday, February 21st. They noted that the move was a valuation call. Finally, Credit Suisse Group increased their price target on shares of Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a report on Monday, February 25th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Garmin presently has an average rating of “Hold” and a consensus target price of $79.39.
In related news, EVP Patrick Desbois sold 1,749 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $86.00, for a total transaction of $150,414.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 17.85% of the company’s stock.
NASDAQ GRMN opened at $77.30 on Friday. The stock has a market cap of $15.39 billion, a P/E ratio of 20.95, a PEG ratio of 2.82 and a beta of 0.90. Garmin Ltd. has a 52-week low of $59.39 and a 52-week high of $89.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.04 and a quick ratio of 3.07.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.02. The firm had revenue of $766.00 million during the quarter, compared to analysts’ expectations of $733.26 million. Garmin had a net margin of 20.72% and a return on equity of 17.60%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. As a group, sell-side analysts predict that Garmin Ltd. will post 3.75 EPS for the current fiscal year.
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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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