Marshall Wace LLP Cuts Stake in Garmin Ltd. (GRMN)
Marshall Wace LLP lessened its holdings in Garmin Ltd. (NASDAQ:GRMN) by 28.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 319,858 shares of the scientific and technical instruments company’s stock after selling 128,786 shares during the period. Marshall Wace LLP’s holdings in Garmin were worth $22,406,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Bank of Nova Scotia purchased a new position in shares of Garmin in the 2nd quarter valued at $201,000. Raymond James & Associates raised 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 valued at $13,739,000 after acquiring an additional 10,681 shares during the period. State Treasurer State of Michigan raised 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 valued at $2,519,000 after acquiring an additional 3,000 shares during the period. Wells Fargo & Company MN raised 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 valued at $30,497,000 after acquiring an additional 272,012 shares during the period. Finally, WINTON GROUP Ltd raised 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 valued at $9,407,000 after acquiring an additional 125,789 shares during the period. 42.38% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on GRMN shares. BidaskClub downgraded shares of Garmin from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Morgan Stanley set a $77.00 price target on shares of Garmin and gave the stock an “equal weight” rating in a research note on Friday, September 21st. Bank of America set a $70.00 price target on shares of Garmin and gave the stock a “sell” rating in a research note on Thursday, November 15th. Finally, Longbow Research set a $75.00 price target on shares of Garmin and gave the stock a “buy” rating in a research note on Thursday, September 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Garmin has a consensus rating of “Hold” and a consensus price target of $67.83.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.24. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The firm had revenue of $810.01 million for the quarter, compared to the consensus estimate of $784.06 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts expect that Garmin Ltd. will post 3.47 earnings per share for the current fiscal year.
In other Garmin news, insider Min H. Kao sold 95,814 shares of the firm’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $69.70, for a total transaction of $6,678,235.80. Following the completion of the transaction, the insider now directly owns 1,901,429 shares of the company’s stock, valued at approximately $132,529,601.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Clifton A. Pemble sold 15,637 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $70.00, for a total transaction of $1,094,590.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,314,037 shares of company stock worth $149,595,036 in the last ninety days. 17.85% of the stock is currently owned by insiders.
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Garmin Company Profile
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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