2,913 Shares in Garmin Ltd. (GRMN) Purchased by Cypress Capital Group
Cypress Capital Group purchased a new position in shares of Garmin Ltd. (NASDAQ:GRMN) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,913 shares of the scientific and technical instruments company’s stock, valued at approximately $204,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its position in Garmin by 11.5% during the second quarter. Commonwealth Equity Services LLC now owns 20,259 shares of the scientific and technical instruments company’s stock worth $1,236,000 after acquiring an additional 2,087 shares during the period. Wells Fargo & Company MN raised its position in Garmin by 119.3% during the second quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock worth $30,497,000 after acquiring an additional 272,012 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Garmin during the second quarter worth $710,000. Sei Investments Co. raised its position in Garmin by 46.1% during the second quarter. Sei Investments Co. now owns 9,798 shares of the scientific and technical instruments company’s stock worth $597,000 after acquiring an additional 3,093 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in Garmin during the second quarter worth $201,000. 42.37% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have weighed in on GRMN. Longbow Research set a $75.00 price objective on shares of Garmin and gave the stock a “buy” rating in a research report on Thursday, September 20th. Morgan Stanley set a $77.00 price objective on shares of Garmin and gave the stock an “equal weight” rating in a research report on Friday, September 21st. BidaskClub cut shares of Garmin from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 4th. Finally, Bank of America set a $70.00 price objective on shares of Garmin and gave the stock a “sell” rating in a research report on Thursday, November 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Garmin presently has an average rating of “Hold” and a consensus target price of $69.80.
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 Zacks’ consensus estimate of $0.76 by $0.24. The business had revenue of $810.01 million during the quarter, compared to analysts’ expectations of $784.06 million. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 earnings per share. Sell-side analysts anticipate that Garmin Ltd. will post 3.47 EPS for the current fiscal year.
In other news, insider Min H. Kao sold 479,645 shares of the stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $64.82, for a total value of $31,090,588.90. Following the completion of the sale, the insider now directly owns 1,799,429 shares in the company, valued at $116,638,987.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Clifton A. Pemble sold 15,637 shares of the stock in a transaction dated Thursday, September 20th. The shares were 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 sold 2,314,037 shares of company stock valued at $149,595,036 over the last quarter. Company insiders own 17.85% of the company’s stock.
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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