Newfound Research LLC reduced its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 43.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 627 shares of the scientific and technical instruments company’s stock after selling 477 shares during the period. Garmin comprises 0.2% of Newfound Research LLC’s investment portfolio, making the stock its 27th biggest position. Newfound Research LLC’s holdings in Garmin were worth $83,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Garmin by 30.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 233,012 shares of the scientific and technical instruments company’s stock valued at $20,121,000 after buying an additional 54,258 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Garmin during the 3rd quarter valued at approximately $1,067,000. Eudaimonia Partners LLC purchased a new stake in shares of Garmin during the 3rd quarter valued at approximately $186,000. Van ECK Associates Corp lifted its stake in shares of Garmin by 13.0% during the 3rd quarter. Van ECK Associates Corp now owns 9,269 shares of the scientific and technical instruments company’s stock valued at $879,000 after buying an additional 1,067 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Garmin during the 3rd quarter valued at approximately $298,000. 49.56% of the stock is owned by hedge funds and other institutional investors.
In other Garmin news, CFO Douglas G. Boessen sold 7,254 shares of Garmin stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $127.72, for a total value of $926,480.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 1,079 shares of Garmin stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $137.56, for a total transaction of $148,427.24. The disclosure for this sale can be found here. In the last three months, insiders sold 17,010 shares of company stock worth $2,181,902. Insiders own 22.00% of the company’s stock.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, April 28th. The scientific and technical instruments company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.30. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $930.06 million. Garmin had a net margin of 25.89% and a return on equity of 18.38%. The company’s revenue was up 25.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. As a group, equities research analysts anticipate that Garmin Ltd. will post 4.78 EPS for the current year.
Several research firms have issued reports on GRMN. JPMorgan Chase & Co. increased their target price on shares of Garmin from $112.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday, February 4th. Bank of America reiterated a “buy” rating and issued a $146.00 target price on shares of Garmin in a research note on Thursday, January 14th. Morgan Stanley increased their target price on shares of Garmin from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 29th. Colliers Securities restated a “buy” rating on shares of Garmin in a research report on Thursday, January 28th. Finally, Zacks Investment Research cut shares of Garmin from a “buy” rating to a “hold” rating and set a $144.00 price objective on the stock. in a research report on Monday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $135.57.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
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