Gotham Asset Management LLC raised its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 16.4% during the first quarter, Holdings Channel reports. The fund owned 658,598 shares of the scientific and technical instruments company’s stock after buying an additional 92,970 shares during the period. Gotham Asset Management LLC owned approximately 0.35% of Garmin worth $33,661,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Franklin Resources Inc. purchased a new position in Garmin during the fourth quarter worth $1,045,000. Russell Investments Group Ltd. purchased a new position in Garmin during the fourth quarter worth $3,020,000. Dimensional Fund Advisors LP increased its position in Garmin by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 997,802 shares of the scientific and technical instruments company’s stock worth $48,389,000 after buying an additional 2,612 shares during the period. James Investment Research Inc. purchased a new position in Garmin during the first quarter worth $144,000. Finally, Tudor Investment Corp Et Al increased its position in Garmin by 47.0% in the fourth quarter. Tudor Investment Corp Et Al now owns 41,068 shares of the scientific and technical instruments company’s stock worth $1,991,000 after buying an additional 13,128 shares during the period. Institutional investors own 41.92% of the company’s stock.
Shares of Garmin Ltd. (GRMN) traded down 0.70% during mid-day trading on Friday, hitting $51.34. The stock had a trading volume of 950,266 shares. Garmin Ltd. has a 52-week low of $39.29 and a 52-week high of $56.19. The firm has a market cap of $9.66 billion, a PE ratio of 14.67 and a beta of 0.78. The stock’s 50-day moving average price is $51.93 and its 200-day moving average price is $50.72.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. Garmin had a return on equity of 15.86% and a net margin of 21.78%. The firm had revenue of $638.50 million for the quarter, compared to analysts’ expectations of $629.11 million. During the same period in the previous year, the firm posted $0.49 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts anticipate that Garmin Ltd. will post $2.69 earnings per share for the current fiscal year.
A number of research firms recently weighed in on GRMN. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Monday, May 8th. Bank of America Corporation upped their price target on Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, May 4th. Goldman Sachs Group, Inc. (The) upped their price target on Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research note on Thursday, May 4th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Thursday, February 23rd. Finally, J P Morgan Chase & Co downgraded Garmin from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $55.00 to $50.00 in a research note on Thursday, May 4th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $49.38.
In other news, major shareholder Jonathan Burrell sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total value of $10,422,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 400,000 shares of company stock worth $20,891,000. Insiders own 18.30% of the company’s stock.
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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