Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Garmin Ltd. (NASDAQ:GRMN) during the first quarter, HoldingsChannel reports. The firm purchased 84,050 shares of the scientific and technical instruments company’s stock, valued at approximately $7,258,000.
Other large investors also recently made changes to their positions in the company. First Hawaiian Bank grew its holdings in shares of Garmin by 1,812.9% during the first quarter. First Hawaiian Bank now owns 9,813 shares of the scientific and technical instruments company’s stock worth $848,000 after purchasing an additional 9,300 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Garmin by 60.6% during the fourth quarter. Two Sigma Advisers LP now owns 144,201 shares of the scientific and technical instruments company’s stock worth $9,131,000 after purchasing an additional 54,385 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Garmin by 7.1% during the fourth quarter. BlackRock Inc. now owns 12,886,129 shares of the scientific and technical instruments company’s stock worth $815,948,000 after purchasing an additional 852,593 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Garmin by 3.1% during the fourth quarter. Northern Trust Corp now owns 1,350,953 shares of the scientific and technical instruments company’s stock worth $85,542,000 after purchasing an additional 41,255 shares during the last quarter. Finally, OLD Mission Capital LLC bought a new stake in shares of Garmin during the fourth quarter worth $222,000. Hedge funds and other institutional investors own 42.10% of the company’s stock.
Shares of GRMN opened at $77.65 on Friday. The company has a current ratio of 4.04, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. Garmin Ltd. has a 12-month low of $59.39 and a 12-month high of $89.72. The firm has a market cap of $15.38 billion, a PE ratio of 21.04, a PEG ratio of 2.82 and a beta of 0.90.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.02. Garmin had a return on equity of 17.60% and a net margin of 20.72%. The business had revenue of $766.00 million for the quarter, compared to analyst estimates of $733.26 million. During the same quarter in the prior year, the firm posted $0.68 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. Research analysts anticipate that Garmin Ltd. will post 3.75 EPS for the current fiscal year.
In other news, EVP Patrick Desbois sold 1,749 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $86.00, for a total transaction of $150,414.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 17.85% of the company’s stock.
Several analysts have recently commented on the company. BidaskClub cut Garmin from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 16th. Zacks Investment Research cut Garmin from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 24th. Credit Suisse Group increased their target price on Garmin from $58.00 to $71.00 and gave the stock an “underperform” rating in a report on Monday, February 25th. Longbow Research cut Garmin from a “buy” rating to a “neutral” rating and set a $81.95 target price on the stock. in a report on Thursday, February 21st. They noted that the move was a valuation call. Finally, Morgan Stanley set a $81.00 target price on Garmin and gave the stock a “hold” rating in a report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $79.39.
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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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