Rockland Trust Co. lessened its holdings in Garmin Ltd. (NASDAQ:GRMN) by 38.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,618 shares of the scientific and technical instruments company’s stock after selling 7,797 shares during the quarter. Rockland Trust Co.’s holdings in Garmin were worth $1,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the business. Hilton Capital Management LLC bought a new position in shares of Garmin during the 1st quarter worth $29,000. Pearl River Capital LLC bought a new position in shares of Garmin during the 2nd quarter worth $31,000. HM Payson & Co. bought a new position in shares of Garmin during the 2nd quarter worth $37,000. Amica Retiree Medical Trust bought a new position in shares of Garmin during the 2nd quarter worth $43,000. Finally, CSat Investment Advisory L.P. grew its stake in shares of Garmin by 103.4% during the 2nd quarter. CSat Investment Advisory L.P. now owns 708 shares of the scientific and technical instruments company’s stock worth $56,000 after acquiring an additional 360 shares during the period. Hedge funds and other institutional investors own 42.01% of the company’s stock.
Several research analysts have recently weighed in on the company. BidaskClub upgraded Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. ValuEngine downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Tigress Financial reiterated a “buy” rating on shares of Garmin in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Garmin has a consensus rating of “Hold” and an average price target of $78.66.
Shares of GRMN opened at $87.08 on Friday. The stock’s 50-day simple moving average is $83.47 and its 200 day simple moving average is $81.59. The stock has a market capitalization of $17.25 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 2.95 and a beta of 0.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.76 and a current ratio of 2.39. Garmin Ltd. has a 52-week low of $59.98 and a 52-week high of $89.72.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $955.00 million for the quarter, compared to analysts’ expectations of $930.98 million. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.99 EPS. On average, research analysts forecast that Garmin Ltd. will post 3.9 earnings per share for the current fiscal year.
In related news, insider Sean Biddlecombe sold 316 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $80.39, for a total transaction of $25,403.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Min H. Kao sold 53,985 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $79.06, for a total value of $4,268,054.10. Following the sale, the insider now directly owns 1,779,429 shares in the company, valued at approximately $140,681,656.74. The disclosure for this sale can be found here. Insiders have sold a total of 4,372,289 shares of company stock worth $342,966,600 in the last three months. 23.83% of the stock is currently owned by insiders.
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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