Quantinno Capital Management LP Boosts Stock Position in Garmin Ltd. $GRMN

Quantinno Capital Management LP grew its stake in shares of Garmin Ltd. (NYSE:GRMN) by 51.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,241 shares of the scientific and technical instruments company’s stock after acquiring an additional 119,011 shares during the period. Quantinno Capital Management LP owned about 0.18% of Garmin worth $81,491,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp grew its holdings in shares of Garmin by 1.8% during the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock valued at $1,785,304,000 after purchasing an additional 126,677 shares during the last quarter. Norges Bank bought a new position in Garmin in the 4th quarter valued at about $395,234,000. Northern Trust Corp boosted its holdings in shares of Garmin by 3.8% in the fourth quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company’s stock valued at $348,836,000 after acquiring an additional 63,283 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Garmin by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock worth $378,540,000 after buying an additional 40,474 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its position in Garmin by 0.4% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock worth $296,250,000 after acquiring an additional 5,213 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Up 4.5%

NYSE:GRMN opened at $253.45 on Wednesday. The firm has a market capitalization of $48.88 billion, a PE ratio of 28.26, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32. The firm has a 50-day moving average price of $239.62 and a 200 day moving average price of $235.51.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the business earned $1.61 earnings per share. The company’s quarterly revenue was up 14.0% on a year-over-year basis. On average, research analysts expect that Garmin Ltd. will post 9.53 EPS for the current year.

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director owned 21,277 shares of the company’s stock, valued at $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 14.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on GRMN. JPMorgan Chase & Co. increased their price objective on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Tigress Financial upped their price target on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, May 20th. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Barclays decreased their price target on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $269.40.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.