Westpac Banking Corp Raises Stake in Garmin Ltd. (GRMN)
Westpac Banking Corp increased its position in Garmin Ltd. (NASDAQ:GRMN) by 41.9% during the second quarter, Holdings Channel reports. The institutional investor owned 5,400 shares of the company’s stock after buying an additional 1,594 shares during the period. Westpac Banking Corp’s holdings in Garmin were worth $229,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. 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 in the last quarter. TD Asset Management Inc. raised its stake in shares of Garmin by 77.3% in the second quarter. TD Asset Management Inc. now owns 989,584 shares of the company’s stock worth $41,978,000 after buying an additional 431,600 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Garmin by 148.1% in the first quarter. UBS Asset Management Americas Inc. now owns 696,472 shares of the company’s stock worth $27,831,000 after buying an additional 415,695 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Garmin by 2.5% in the second quarter. Vanguard Group Inc. now owns 10,209,662 shares of the company’s stock worth $433,093,000 after buying an additional 252,926 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Garmin during the second quarter worth $10,402,000. 35.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Garmin Ltd. (NASDAQ:GRMN) opened at 48.51 on Friday. The firm has a 50-day moving average of $48.98 and a 200 day moving average of $45.27. Garmin Ltd. has a 1-year low of $30.93 and a 1-year high of $56.19. The stock has a market capitalization of $9.16 billion, a PE ratio of 18.44 and a beta of 0.83.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.67 by $0.20. Garmin had a net margin of 17.29% and a return on equity of 14.97%. The business earned $812 million during the quarter, compared to analyst estimates of $763.37 million. During the same period in the prior year, the business earned $0.72 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities analysts anticipate that Garmin Ltd. will post $2.53 earnings per share for the current fiscal year.
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $38.00 to $47.00 in a report on Thursday, July 28th. Raymond James Financial Inc. downgraded shares of Garmin from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $30.93 to $54.38 in a research report on Monday, August 22nd. Bank of America Corp. downgraded shares of Garmin from a “buy” rating to an “underperform” rating and set a $47.00 price target for the company. in a research report on Thursday, August 4th. They noted that the move was a valuation call. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Garmin in a research report on Monday, August 1st. Finally, Morgan Stanley reduced their price target on shares of Garmin from $49.00 to $42.00 and set an “equal weight” rating for the company in a research report on Thursday, July 28th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $40.97.
In related news, VP Danny J. Bartel sold 786 shares of the stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $54.53, for a total transaction of $42,860.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew R. Etkind sold 1,046 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $54.90, for a total transaction of $57,425.40. The disclosure for this sale can be found here. Corporate 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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