Quantinno Capital Management LP Has $81.49 Million Holdings in Garmin Ltd. $GRMN

Quantinno Capital Management LP grew its position in shares of Garmin Ltd. (NYSE:GRMN) by 51.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 351,241 shares of the scientific and technical instruments company’s stock after buying an additional 119,011 shares during the quarter. Quantinno Capital Management LP’s holdings in Garmin were worth $81,491,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Garmin by 1.8% in the 3rd quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock worth $1,785,304,000 after acquiring an additional 126,677 shares in the last quarter. Norges Bank bought a new stake in Garmin during the 4th quarter worth approximately $395,234,000. Northern Trust Corp increased its holdings in Garmin by 3.8% during the 4th 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 purchasing an additional 63,283 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Garmin by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock valued at $378,540,000 after purchasing 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 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after purchasing an additional 5,213 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $253.45 on Wednesday. The company has a market cap of $48.88 billion, a price-to-earnings ratio of 28.26, a P/E/G ratio of 2.86 and a beta of 0.90. The stock’s fifty day moving average price is $239.62 and its two-hundred day moving average price is $235.51. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $273.32.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the company posted $1.61 earnings per share. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. On average, equities analysts predict that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on GRMN shares. JPMorgan Chase & Co. boosted their price objective on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Barclays cut their price target on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Wall Street Zen downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Garmin has an average rating of “Moderate Buy” and an average price target of $269.40.

Insider Activity

In related news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the sale, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the sale, the director directly 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 SEC filing for this sale provides additional information. 14.80% of the stock is owned by company insiders.

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.