Lombard Odier Asset Management USA Corp Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Lombard Odier Asset Management USA Corp bought a new position in shares of Garmin Ltd. (NYSE:GRMN) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,747 shares of the scientific and technical instruments company’s stock, valued at approximately $610,000.

Several other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in Garmin in the first quarter worth $30,000. Family Firm Inc. bought a new stake in shares of Garmin during the 2nd quarter valued at $35,000. Benjamin Edwards Inc. boosted its holdings in shares of Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Garmin in the 2nd quarter worth about $46,000. Finally, West Oak Capital LLC bought a new position in shares of Garmin in the 2nd quarter worth about $53,000. Institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of 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. In the last 90 days, insiders have sold 12,892 shares of company stock worth $2,296,174. Company insiders own 19.54% of the company’s stock.

Garmin Trading Down 0.4 %

GRMN stock opened at $171.00 on Monday. The stock’s 50 day simple moving average is $174.48 and its 200 day simple moving average is $162.63. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42. The stock has a market capitalization of $32.85 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00.

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

Analyst Ratings Changes

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

About Garmin

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.