Todd Asset Management LLC Decreases Stake in Garmin Ltd. (GRMN)
Todd Asset Management LLC lowered its position in Garmin Ltd. (NASDAQ:GRMN) by 7.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 24,552 shares of the scientific and technical instruments company’s stock after selling 2,069 shares during the quarter. Todd Asset Management LLC’s holdings in Garmin were worth $1,720,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in shares of Garmin in the 2nd quarter worth approximately $201,000. Raymond James & Associates grew its stake in shares of Garmin by 5.0% in the 2nd quarter. Raymond James & Associates now owns 225,231 shares of the scientific and technical instruments company’s stock worth $13,739,000 after buying an additional 10,681 shares during the last quarter. State Treasurer State of Michigan grew its stake in shares of Garmin by 9.1% in the 3rd quarter. State Treasurer State of Michigan now owns 35,962 shares of the scientific and technical instruments company’s stock worth $2,519,000 after buying an additional 3,000 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Garmin by 119.3% in the 2nd quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock worth $30,497,000 after buying an additional 272,012 shares during the last quarter. Finally, WINTON GROUP Ltd grew its stake in shares of Garmin by 442.4% in the 2nd quarter. WINTON GROUP Ltd now owns 154,221 shares of the scientific and technical instruments company’s stock worth $9,407,000 after buying an additional 125,789 shares during the last quarter. 40.59% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently weighed in on GRMN shares. BidaskClub downgraded Garmin from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 27th. Longbow Research set a $75.00 price target on Garmin and gave the stock a “buy” rating in a research note on Thursday, September 20th. Morgan Stanley set a $77.00 price target on Garmin and gave the stock an “equal weight” rating in a research note on Friday, September 21st. Finally, Bank of America set a $70.00 price target on Garmin and gave the stock a “sell” rating in a research note on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Garmin currently has an average rating of “Hold” and an average target price of $67.83.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.76 by $0.24. Garmin had a return on equity of 16.95% and a net margin of 19.45%. The business had revenue of $810.01 million for the quarter, compared to the consensus estimate of $784.06 million. During the same period last year, the business posted $0.75 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Garmin Ltd. will post 3.47 earnings per share for the current year.
In other news, Chairman Min H. Kao sold 295,361 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $64.95, for a total transaction of $19,183,696.95. Following the transaction, the chairman now directly owns 1,901,429 shares of the company’s stock, valued at approximately $123,497,813.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Min H. Kao sold 75,000 shares of the stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $62.27, for a total value of $4,670,250.00. Following the transaction, the chairman now directly owns 1,799,429 shares in the company, valued at $112,050,443.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,841,174 shares of company stock worth $183,854,888. Company insiders own 17.85% of the company’s stock.
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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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