Northern Trust Corp Raises Stock Position in Garmin Ltd. (NASDAQ:GRMN)

Northern Trust Corp raised its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 5.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,442,629 shares of the scientific and technical instruments company’s stock after buying an additional 69,443 shares during the quarter. Northern Trust Corp’s holdings in Garmin were worth $115,121,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in shares of Garmin by 7.9% during the second quarter. Signaturefd LLC now owns 1,937 shares of the scientific and technical instruments company’s stock worth $155,000 after buying an additional 141 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Garmin by 17.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the scientific and technical instruments company’s stock valued at $84,000 after acquiring an additional 144 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Garmin by 2.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 7,582 shares of the scientific and technical instruments company’s stock valued at $605,000 after acquiring an additional 155 shares during the last quarter. O Shares Investment Advisers LLC boosted its position in shares of Garmin by 3.0% during the 1st quarter. O Shares Investment Advisers LLC now owns 6,302 shares of the scientific and technical instruments company’s stock valued at $544,000 after acquiring an additional 184 shares during the last quarter. Finally, M&T Bank Corp boosted its position in shares of Garmin by 0.5% during the 2nd quarter. M&T Bank Corp now owns 41,077 shares of the scientific and technical instruments company’s stock valued at $3,280,000 after acquiring an additional 193 shares during the last quarter. 42.02% of the stock is owned by institutional investors and hedge funds.

In other Garmin news, Chairman Min H. Kao sold 199,860 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $81.22, for a total value of $16,232,629.20. Following the transaction, the chairman now owns 1,799,429 shares of the company’s stock, valued at $146,149,623.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Min H. Kao sold 354,299 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $81.04, for a total transaction of $28,712,390.96. Following the completion of the transaction, the insider now directly owns 1,799,429 shares in the company, valued at approximately $145,825,726.16. The disclosure for this sale can be found here. Insiders sold 5,473,446 shares of company stock worth $430,492,687 in the last ninety days. 23.83% of the stock is currently owned by corporate insiders.

NASDAQ GRMN traded down $0.04 during trading hours on Friday, reaching $85.48. The company had a trading volume of 147,038 shares, compared to its average volume of 937,416. The stock has a 50-day moving average of $79.38 and a 200 day moving average of $81.43. Garmin Ltd. has a 1-year low of $59.98 and a 1-year high of $89.72. The company has a current ratio of 2.39, a quick ratio of 1.76 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $16.94 billion, a P/E ratio of 23.17, a price-to-earnings-growth ratio of 2.93 and a beta of 0.91.

Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.16. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The company had revenue of $955.00 million for the quarter, compared to analysts’ expectations of $930.98 million. During the same quarter in the prior year, the company posted $0.99 earnings per share. Garmin’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, sell-side analysts predict that Garmin Ltd. will post 3.9 EPS for the current year.

Several research analysts have recently weighed in on the stock. BidaskClub raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. ValuEngine cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and lowered their price target for the company from $77.00 to $75.00 in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $78.66.

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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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