Emerald Acquisition Ltd. Acquires New Stake in Garmin Ltd. (GRMN)
Emerald Acquisition Ltd. acquired a new position in shares of Garmin Ltd. (NASDAQ:GRMN) during the second quarter, Holdings Channel reports. The firm acquired 32,675 shares of the company’s stock, valued at approximately $1,385,000.
Other hedge funds also recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc raised its stake in shares of Garmin by 10.2% in the first quarter. Commonwealth Equity Services Inc now owns 12,772 shares of the company’s stock worth $510,000 after buying an additional 1,183 shares during the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of Garmin by 211.0% in the first quarter. Nisa Investment Advisors L.L.C. now owns 69,420 shares of the company’s stock worth $2,774,000 after buying an additional 47,100 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Garmin by 7.3% in the first quarter. TIAA CREF Investment Management LLC now owns 285,942 shares of the company’s stock worth $11,426,000 after buying an additional 19,540 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of Garmin by 5.4% in the first quarter. Teachers Advisors Inc. now owns 133,775 shares of the company’s stock worth $5,346,000 after buying an additional 6,826 shares during the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of Garmin by 19.6% in the first quarter. BlackRock Fund Advisors now owns 5,819,469 shares of the company’s stock worth $232,546,000 after buying an additional 951,844 shares during the last quarter. 35.75% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (NASDAQ:GRMN) traded down 0.21% during midday trading on Thursday, reaching $48.37. The company had a trading volume of 398,593 shares. The firm has a 50-day moving average of $49.35 and a 200 day moving average of $45.19. The company has a market capitalization of $9.14 billion, a P/E ratio of 18.38 and a beta of 0.83. Garmin Ltd. has a 1-year low of $30.93 and a 1-year high of $56.19.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, July 27th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.20. The company earned $812 million during the quarter, compared to analysts’ expectations 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 last year, the firm earned $0.72 earnings per share. On average, equities research analysts forecast that Garmin Ltd. will post $2.53 EPS for the current year.
GRMN has been the subject of a number of research analyst reports. Raymond James Financial Inc. reaffirmed a “buy” rating on shares of Garmin in a research note on Friday, June 10th. Zacks Investment Research lowered Garmin from a “hold” rating to a “sell” rating in a research note on Tuesday, June 28th. JPMorgan Chase & Co. reaffirmed a “sell” rating and issued a $38.00 price target on shares of Garmin in a research note on Wednesday, July 20th. Morgan Stanley dropped their price target on Garmin from $49.00 to $42.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Monday, August 1st. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $40.97.
In other Garmin news, VP Andrew R. Etkind sold 1,046 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $54.90, for a total transaction of $57,425.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Danny J. Bartel sold 786 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $54.53, for a total value of $42,860.58. The disclosure for this sale can be found here. Company 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. 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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