Trust Investment Advisors Has $1.25 Million Position in Garmin Ltd. (GRMN)
Trust Investment Advisors lessened its stake in Garmin Ltd. (NASDAQ:GRMN) by 12.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,225 shares of the scientific and technical instruments company’s stock after selling 3,250 shares during the quarter. Garmin comprises 1.4% of Trust Investment Advisors’ investment portfolio, making the stock its 26th biggest position. Trust Investment Advisors’ holdings in Garmin were worth $1,253,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd acquired a new position in Garmin in the second quarter valued at about $376,000. Royal Bank of Canada raised its stake in Garmin by 30.4% in the second quarter. Royal Bank of Canada now owns 231,794 shares of the scientific and technical instruments company’s stock valued at $11,827,000 after purchasing an additional 53,984 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Garmin by 3.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 722,581 shares of the scientific and technical instruments company’s stock valued at $36,874,000 after purchasing an additional 24,777 shares in the last quarter. State of Wisconsin Investment Board grew its position in Garmin by 46.0% in the second quarter. State of Wisconsin Investment Board now owns 120,741 shares of the scientific and technical instruments company’s stock valued at $6,161,000 after acquiring an additional 38,020 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in Garmin by 8.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 256,239 shares of the scientific and technical instruments company’s stock valued at $13,076,000 after acquiring an additional 20,690 shares during the last quarter. 38.01% of the stock is owned by institutional investors and hedge funds.
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In other news, VP Andrew R. Etkind sold 1,724 shares of the business’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $52.50, for a total transaction of $90,510.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Patrick Desbois sold 1,881 shares of the business’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $55.00, for a total value of $103,455.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,295,735 shares of company stock worth $71,440,902. Company insiders own 18.30% of the company’s stock.
Garmin Ltd. (NASDAQ GRMN) traded down $0.25 during trading hours on Tuesday, hitting $60.58. The stock had a trading volume of 1,404,300 shares, compared to its average volume of 1,121,811. The company has a market capitalization of $12,049.05, a PE ratio of 21.12, a P/E/G ratio of 2.51 and a beta of 0.81. Garmin Ltd. has a 52 week low of $47.03 and a 52 week high of $61.04.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The company had revenue of $743.00 million for the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.75 earnings per share. sell-side analysts forecast that Garmin Ltd. will post 2.9 earnings per share for the current year.
A number of research firms have issued reports on GRMN. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research upgraded Garmin from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Thursday, November 2nd. Morgan Stanley lifted their target price on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. KeyCorp reiterated a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Finally, BidaskClub cut Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $56.33.
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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