Cubist Systematic Strategies LLC Grows Stock Holdings in Garmin Ltd. (NASDAQ:GRMN)

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Cubist Systematic Strategies LLC grew its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 215.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,805 shares of the scientific and technical instruments company’s stock after buying an additional 115,944 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Garmin were worth $13,550,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GRMN. Cetera Advisors LLC acquired a new position in shares of Garmin during the first quarter worth $217,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Garmin by 7.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,089 shares of the scientific and technical instruments company’s stock worth $612,000 after purchasing an additional 497 shares in the last quarter. Mason Street Advisors LLC lifted its position in shares of Garmin by 1.5% during the first quarter. Mason Street Advisors LLC now owns 17,299 shares of the scientific and technical instruments company’s stock worth $1,494,000 after purchasing an additional 263 shares in the last quarter. ETF Managers Group LLC lifted its position in shares of Garmin by 11.6% during the first quarter. ETF Managers Group LLC now owns 2,466 shares of the scientific and technical instruments company’s stock worth $213,000 after purchasing an additional 256 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Garmin by 162.8% during the first quarter. JPMorgan Chase & Co. now owns 519,802 shares of the scientific and technical instruments company’s stock worth $44,885,000 after purchasing an additional 321,985 shares in the last quarter. Institutional investors own 42.00% of the company’s stock.

A number of research analysts have recently commented on GRMN shares. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Friday, August 16th. ValuEngine cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and reduced their target price for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Finally, BidaskClub raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $78.66.

Shares of NASDAQ GRMN traded down $0.12 during trading on Friday, reaching $85.37. 9,163 shares of the stock were exchanged, compared to its average volume of 905,460. The business’s 50-day moving average price is $80.33 and its 200 day moving average price is $81.48. Garmin Ltd. has a twelve month low of $59.98 and a twelve month high of $89.72. The company has a quick ratio of 1.76, a current ratio of 2.39 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $16.93 billion, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 2.98 and a beta of 0.91.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. The firm had revenue of $955.00 million for the quarter, compared to analysts’ expectations of $930.98 million. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 earnings per share. As a group, sell-side analysts expect that Garmin Ltd. will post 3.9 earnings per share for the current fiscal year.

In related news, Chairman Min H. Kao sold 116,124 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $79.78, for a total value of $9,264,372.72. Following the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,558,445.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Biddlecombe sold 316 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $80.39, for a total transaction of $25,403.24. The disclosure for this sale can be found here. Insiders sold 5,473,446 shares of company stock worth $430,492,687 over the last ninety days. 23.83% of the stock is currently owned by corporate insiders.

Garmin Profile

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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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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