AMP Capital Investors Ltd Boosts Stake in Garmin Ltd. (GRMN)

AMP Capital Investors Ltd lifted its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 64.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 98,378 shares of the scientific and technical instruments company’s stock after buying an additional 38,535 shares during the quarter. AMP Capital Investors Ltd’s holdings in Garmin were worth $6,003,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of GRMN. Wells Fargo & Company MN lifted its holdings in shares of Garmin by 119.3% during the second quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock worth $30,497,000 after buying an additional 272,012 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Garmin by 40.4% in the first quarter. JPMorgan Chase & Co. now owns 864,999 shares of the scientific and technical instruments company’s stock valued at $50,974,000 after purchasing an additional 249,009 shares in the last quarter. WBI Investments Inc. acquired a new position in Garmin in the second quarter valued at about $12,553,000. Avalon Advisors LLC acquired a new position in Garmin in the first quarter valued at about $11,720,000. Finally, BlackRock Inc. raised its stake in Garmin by 1.6% in the second quarter. BlackRock Inc. now owns 11,085,678 shares of the scientific and technical instruments company’s stock valued at $676,226,000 after purchasing an additional 175,369 shares in the last quarter. 39.82% of the stock is owned by institutional investors.

In other Garmin news, insider Min H. Kao sold 9,010 shares of Garmin stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $67.92, for a total value of $611,959.20. Following the transaction, the insider now owns 1,901,429 shares in the company, valued at $129,145,057.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Min H. Kao sold 606,873 shares of Garmin stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $65.10, for a total value of $39,507,432.30. Following the completion of the transaction, the insider now owns 1,901,429 shares in the company, valued at approximately $123,783,027.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,506,269 shares of company stock valued at $288,181,273. 17.85% of the stock is owned by insiders.

GRMN stock opened at $68.72 on Friday. The stock has a market capitalization of $13.56 billion, a P/E ratio of 23.37, a P/E/G ratio of 2.83 and a beta of 1.03. Garmin Ltd. has a 52 week low of $51.62 and a 52 week high of $69.15.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.12. The business had revenue of $894.50 million during the quarter, compared to the consensus estimate of $844.76 million. Garmin had a return on equity of 15.98% and a net margin of 18.72%. Garmin’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 earnings per share. equities analysts expect that Garmin Ltd. will post 3.29 EPS for the current year.

A number of research firms recently commented on GRMN. BidaskClub raised Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, August 30th. Longbow Research set a $72.00 price target on Garmin and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $62.80.

Garmin 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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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