Headlands Technologies LLC Invests $46,000 in Garmin Ltd. (NYSE:GRMN)

Headlands Technologies LLC acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 282 shares of the scientific and technical instruments company’s stock, valued at approximately $46,000.

Several other large investors have also recently added to or reduced their stakes in GRMN. Coldstream Capital Management Inc. lifted its stake in shares of Garmin by 1.1% in the second quarter. Coldstream Capital Management Inc. now owns 14,388 shares of the scientific and technical instruments company’s stock worth $2,344,000 after buying an additional 159 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Garmin by 10.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 16,763 shares of the scientific and technical instruments company’s stock worth $2,731,000 after acquiring an additional 1,641 shares during the period. Andra AP fonden acquired a new position in Garmin during the 2nd quarter worth $10,981,000. Royal London Asset Management Ltd. boosted its holdings in Garmin by 1.5% during the second quarter. Royal London Asset Management Ltd. now owns 68,322 shares of the scientific and technical instruments company’s stock valued at $11,131,000 after acquiring an additional 985 shares during the period. Finally, Choreo LLC acquired a new stake in shares of Garmin in the second quarter valued at about $415,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Stock Down 0.6 %

Shares of NYSE:GRMN opened at $171.58 on Wednesday. The firm has a market cap of $32.96 billion, a P/E ratio of 24.20, a P/E/G ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42. The company’s 50-day moving average price is $174.22 and its two-hundred day moving average price is $161.98.

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

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred 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 $7,257,359.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated 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 owns 88,622 shares in the company, valued at approximately $16,081,348.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock worth $2,296,174 in the last ninety days. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GRMN. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Bank of America cut shares of Garmin from a “neutral” rating to an “underperform” rating and cut their target price for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus price target of $151.33.

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.