Bruderman Asset Management LLC Takes $4.61 Million Position in Garmin Ltd. (GRMN)

Bruderman Asset Management LLC acquired a new stake in Garmin Ltd. (NASDAQ:GRMN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 75,629 shares of the scientific and technical instruments company’s stock, valued at approximately $4,613,000.

Several other hedge funds also recently modified their holdings of GRMN. OppenheimerFunds Inc. raised its holdings in Garmin by 15.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,994 shares of the scientific and technical instruments company’s stock worth $366,000 after purchasing an additional 805 shares during the period. Millennium Management LLC raised its holdings in Garmin by 2.5% in the 2nd quarter. Millennium Management LLC now owns 33,946 shares of the scientific and technical instruments company’s stock worth $2,071,000 after purchasing an additional 842 shares during the period. Point72 Asia Hong Kong Ltd raised its holdings in Garmin by 105.4% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock worth $102,000 after purchasing an additional 891 shares during the period. Segment Wealth Management LLC raised its holdings in Garmin by 1.5% in the 2nd quarter. Segment Wealth Management LLC now owns 60,235 shares of the scientific and technical instruments company’s stock worth $3,674,000 after purchasing an additional 905 shares during the period. Finally, HL Financial Services LLC raised its holdings in Garmin by 10.0% in the 2nd quarter. HL Financial Services LLC now owns 12,327 shares of the scientific and technical instruments company’s stock worth $752,000 after purchasing an additional 1,118 shares during the period. 39.82% of the stock is owned by institutional investors and hedge funds.

In other Garmin news, Chairman Min H. Kao sold 18,316 shares of the business’s stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $61.00, for a total transaction of $1,117,276.00. Following the completion of the sale, the chairman now directly owns 5,611,325 shares in the company, valued at approximately $342,290,825. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Min H. Kao sold 606,873 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $65.10, for a total value of $39,507,432.30. Following the sale, the insider now owns 1,901,429 shares of the company’s stock, valued at $123,783,027.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,506,269 shares of company stock valued at $288,181,273. 17.85% of the stock is owned by company insiders.

NASDAQ:GRMN opened at $68.72 on Friday. Garmin Ltd. has a 12 month low of $51.62 and a 12 month high of $69.15. The company has a market cap of $13.56 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.83 and a beta of 1.03.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.12. Garmin had a return on equity of 15.98% and a net margin of 18.72%. The company had revenue of $894.50 million during the quarter, compared to analyst estimates of $844.76 million. During the same period in the previous year, the business earned $0.88 EPS. Garmin’s quarterly revenue was up 7.6% on a year-over-year basis. equities analysts anticipate that Garmin Ltd. will post 3.29 earnings per share for the current year.

GRMN has been the subject of a number of analyst reports. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a report on Wednesday, August 15th. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Finally, Longbow Research set a $72.00 price target on Garmin and gave the stock a “buy” rating in a report on Thursday, July 19th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Garmin has an average rating of “Hold” and a consensus price target of $62.80.

Garmin Company 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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