Garmin Ltd. (NYSE:GRMN) Shares Bought by MQS Management LLC

MQS Management LLC grew its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 26.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,795 shares of the scientific and technical instruments company’s stock after purchasing an additional 579 shares during the period. MQS Management LLC’s holdings in Garmin were worth $455,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GRMN. Clearstead Trust LLC bought a new stake in shares of Garmin in the 1st quarter worth approximately $30,000. Family Firm Inc. bought a new position in shares of Garmin in the second quarter valued at $35,000. Frazier Financial Advisors LLC acquired a new stake in shares of Garmin during the 4th quarter valued at $33,000. Headlands Technologies LLC bought a new stake in shares of Garmin during the 2nd quarter worth $46,000. Finally, West Oak Capital LLC acquired a new position in shares of Garmin in the 2nd quarter worth $53,000. 73.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 in the last three months. Insiders own 19.54% of the company’s stock.

Garmin Stock Performance

GRMN stock opened at $171.76 on Friday. The stock has a market cap of $32.99 billion, a P/E ratio of 24.23, a P/E/G ratio of 3.16 and a beta of 1.00. The firm has a 50 day simple moving average of $174.44 and a 200 day simple moving average of $162.10. Garmin Ltd. has a 52 week low of $99.61 and a 52 week high of $184.42.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the company posted $1.45 EPS. Garmin’s revenue was up 14.3% on a year-over-year basis. Sell-side analysts predict that Garmin Ltd. will post 6.05 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GRMN. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial boosted their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday. Finally, Barclays lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $152.17.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.