Garmin Ltd. (GRMN) Shares Sold by Nationwide Fund Advisors
Nationwide Fund Advisors lowered its position in Garmin Ltd. (NASDAQ:GRMN) by 5.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,111 shares of the company’s stock after selling 5,132 shares during the period. Nationwide Fund Advisors’ holdings in Garmin were worth $3,695,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Primecap Management Co. CA boosted its position in Garmin by 12.3% in the first quarter. Primecap Management Co. CA now owns 841,500 shares of the company’s stock worth $33,626,000 after buying an additional 92,000 shares during the period. Edmond DE Rothschild Holding S.A. boosted its position in Garmin by 8.8% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 36,900 shares of the company’s stock worth $1,475,000 after buying an additional 3,000 shares during the period. Meeder Asset Management Inc. boosted its position in Garmin by 1,596.6% in the first quarter. Meeder Asset Management Inc. now owns 21,258 shares of the company’s stock worth $849,000 after buying an additional 20,005 shares during the period. Zebra Capital Management LLC boosted its position in Garmin by 30.4% in the first quarter. Zebra Capital Management LLC now owns 24,433 shares of the company’s stock worth $976,000 after buying an additional 5,703 shares during the period. Finally, OMERS ADMINISTRATION Corp bought a new position in Garmin during the first quarter worth approximately $2,841,000. 35.75% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (NASDAQ:GRMN) traded up 0.75% during mid-day trading on Wednesday, hitting $48.31. The stock had a trading volume of 162,568 shares. Garmin Ltd. has a 52 week low of $30.93 and a 52 week high of $56.19. The company’s 50 day moving average price is $49.54 and its 200 day moving average price is $45.17. The firm has a market cap of $9.12 billion, a PE ratio of 18.36 and a beta of 0.83.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.20. The company earned $812 million during the quarter, compared to the consensus estimate of $763.37 million. Garmin had a return on equity of 14.97% and a net margin of 17.29%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 EPS. Analysts anticipate that Garmin Ltd. will post $2.53 earnings per share for the current year.
A number of equities analysts have commented on the stock. Bank of America Corp. cut shares of Garmin from a “buy” rating to an “underperform” rating and set a $47.00 price objective for the company. in a research report on Thursday, August 4th. They noted that the move was a valuation call. Longbow Research began coverage on Garmin in a report on Wednesday, August 17th. They set a “neutral” rating for the company. Raymond James Financial Inc. downgraded Garmin from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $30.93 to $54.38 in a report on Monday, August 22nd. Citigroup Inc. downgraded Garmin to a “market perform” rating in a report on Monday, August 22nd. They noted that the move was a valuation call. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Garmin in a report on Monday, August 1st. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $40.97.
In other Garmin news, VP Danny J. Bartel sold 786 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $54.53, for a total value of $42,860.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew R. Etkind sold 1,046 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $54.90, for a total value of $57,425.40. The disclosure for this sale can be found here. Insiders own 18.30% of the company’s stock.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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