US Bancorp DE Raises Stake in Garmin Ltd. (NASDAQ:GRMN)

US Bancorp DE grew its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 7.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,156 shares of the scientific and technical instruments company’s stock after purchasing an additional 930 shares during the period. US Bancorp DE’s holdings in Garmin were worth $1,129,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GRMN. JPMorgan Chase & Co. boosted its position in shares of Garmin by 64.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 853,632 shares of the scientific and technical instruments company’s stock worth $68,520,000 after buying an additional 333,830 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Garmin by 64.2% in the 2nd quarter. Wells Fargo & Company MN now owns 749,802 shares of the scientific and technical instruments company’s stock worth $59,835,000 after buying an additional 293,029 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Garmin by 26.3% in the 1st quarter. First Trust Advisors LP now owns 1,120,558 shares of the scientific and technical instruments company’s stock worth $96,760,000 after buying an additional 233,543 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Garmin by 62.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 574,877 shares of the scientific and technical instruments company’s stock worth $45,875,000 after buying an additional 221,853 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its position in shares of Garmin by 172.0% in the 1st quarter. State of Wisconsin Investment Board now owns 295,490 shares of the scientific and technical instruments company’s stock worth $25,516,000 after buying an additional 186,856 shares in the last quarter. Institutional investors own 42.00% of the company’s stock.

In other news, insider Min H. Kao sold 53,985 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $79.06, for a total transaction of $4,268,054.10. Following the completion of the transaction, the insider now owns 1,779,429 shares of the company’s stock, valued at approximately $140,681,656.74. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Min H. Kao sold 199,860 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $81.22, for a total transaction of $16,232,629.20. Following the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at approximately $146,149,623.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,473,446 shares of company stock worth $430,492,687. 23.83% of the stock is owned by insiders.



NASDAQ:GRMN traded up $0.46 on Wednesday, reaching $84.26. The stock had a trading volume of 232,007 shares, compared to its average volume of 1,076,088. The company has a market cap of $16.84 billion, a price-to-earnings ratio of 22.83, a P/E/G ratio of 2.97 and a beta of 0.91. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.39 and a quick ratio of 1.76. The firm’s fifty day moving average is $81.13 and its two-hundred day moving average is $81.49. Garmin Ltd. has a 12-month low of $59.98 and a 12-month high of $89.72.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.16. The company had revenue of $955.00 million for the quarter, compared to analyst estimates of $930.98 million. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.99 EPS. As a group, research analysts forecast that Garmin Ltd. will post 3.9 earnings per share for the current fiscal year.

Several equities research analysts recently commented on GRMN shares. ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research report on Friday, August 16th. BidaskClub upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. upgraded shares of Garmin from an “underweight” rating to a “neutral” rating and decreased their price objective for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $78.66.

Garmin 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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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