First Midwest Bank Trust Division purchased a new position in shares of Garmin Ltd. (NASDAQ:GRMN) during the second quarter, Holdings Channel reports. The firm purchased 10,300 shares of the company’s stock, valued at approximately $437,000.
Several other hedge funds also recently modified their holdings of GRMN. Alps Advisors Inc. raised its stake in Garmin by 12.5% in the second quarter. Alps Advisors Inc. now owns 618,547 shares of the company’s stock worth $26,239,000 after buying an additional 68,620 shares in the last quarter. Retirement Systems of Alabama raised its stake in Garmin by 0.3% in the second quarter. Retirement Systems of Alabama now owns 59,801 shares of the company’s stock worth $2,537,000 after buying an additional 200 shares in the last quarter. PGGM Investments raised its stake in Garmin by 4.9% in the second quarter. PGGM Investments now owns 74,835 shares of the company’s stock worth $3,175,000 after buying an additional 3,472 shares in the last quarter. Valicenti Advisory Services Inc. raised its stake in Garmin by 2.2% in the second quarter. Valicenti Advisory Services Inc. now owns 139,259 shares of the company’s stock worth $5,907,000 after buying an additional 3,052 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in Garmin during the second quarter worth approximately $10,402,000. 35.75% of the stock is owned by institutional investors and hedge funds.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded up 1.08% during midday trading on Wednesday, reaching $48.47. 798,824 shares of the company’s stock traded hands. The stock has a market cap of $9.15 billion, a P/E ratio of 18.42 and a beta of 0.83. Garmin Ltd. has a 12 month low of $30.93 and a 12 month high of $56.19. The stock has a 50 day moving average of $49.35 and a 200-day moving average of $45.19.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.20. Garmin had a net margin of 17.29% and a return on equity of 14.97%. The firm earned $812 million during the quarter, compared to analysts’ expectations of $763.37 million. During the same period in the prior year, the company posted $0.72 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts forecast that Garmin Ltd. will post $2.53 EPS for the current fiscal year.
A number of analysts have commented on GRMN shares. JPMorgan Chase & Co. reaffirmed a “sell” rating and set a $38.00 target price on shares of Garmin in a report on Wednesday, July 20th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Garmin in a report on Monday, August 1st. Raymond James Financial Inc. lowered shares of Garmin from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $30.93 to $54.38 in a report on Monday, August 22nd. Longbow Research initiated coverage on shares of Garmin in a report on Wednesday, August 17th. They set a “neutral” rating for the company. Finally, Zacks Investment Research raised shares of Garmin from a “hold” rating to a “strong-buy” rating and set a $60.00 price target on the stock in a research report on Thursday, July 28th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Garmin presently has an average rating of “Hold” and a consensus price target of $40.97.
In other Garmin news, insider Clifton A. Pemble sold 1,429 shares of the firm’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $55.00, for a total value of $78,595.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Danny J. Bartel sold 786 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $54.53, for a total transaction of $42,860.58. The disclosure for this sale can be found here. Insiders own 18.30% of the company’s stock.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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