Wellington Management Group LLP Acquires 41,103 Shares of Garmin Ltd. $GRMN

Wellington Management Group LLP raised its holdings in Garmin Ltd. (NYSE:GRMN) by 147.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 69,049 shares of the scientific and technical instruments company’s stock after acquiring an additional 41,103 shares during the period. Wellington Management Group LLP’s holdings in Garmin were worth $16,402,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of GRMN. Norges Bank bought a new position in shares of Garmin in the fourth quarter valued at approximately $395,234,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Garmin during the fourth quarter valued at approximately $214,382,000. Man Group plc increased its holdings in shares of Garmin by 232.0% in the fourth quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company’s stock worth $164,793,000 after buying an additional 567,711 shares during the period. Bank of America Corp DE boosted its holdings in Garmin by 73.8% during the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock valued at $300,499,000 after acquiring an additional 549,954 shares during the period. Finally, Amundi grew its position in Garmin by 82.5% during the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock worth $236,027,000 after acquiring an additional 459,980 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of NYSE GRMN opened at $276.90 on Monday. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $314.28. The company has a 50 day simple moving average of $272.72 and a two-hundred day simple moving average of $253.02. The company has a market capitalization of $53.40 billion, a price-to-earnings ratio of 28.55, a P/E/G ratio of 3.10 and a beta of 0.85.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. Garmin’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.17 EPS. On average, analysts forecast that Garmin Ltd. will post 10.08 earnings per share for the current fiscal year.

Insider Activity at Garmin

In related news, Director Joseph Hartnett sold 643 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sean Biddlecombe sold 986 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $292.88, for a total value of $288,779.68. Following the completion of the transaction, the director directly owned 6,021 shares in the company, valued at approximately $1,763,430.48. This represents a 14.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,751 shares of company stock valued at $4,978,275 over the last quarter. 14.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. UBS Group set a $370.00 target price on shares of Garmin in a report on Thursday, August 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. Barclays lifted their price objective on Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $310.17.

About Garmin

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.