Garmin Ltd. $GRMN Shares Bought by Tidal Investments LLC

Tidal Investments LLC lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 51.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,608 shares of the scientific and technical instruments company’s stock after buying an additional 10,439 shares during the period. Tidal Investments LLC’s holdings in Garmin were worth $7,271,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after acquiring an additional 463 shares during the period. NewEdge Advisors LLC grew its stake in shares of Garmin by 6.2% during the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock worth $1,278,000 after purchasing an additional 345 shares during the period. Woodline Partners LP increased its holdings in shares of Garmin by 40.6% in the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after purchasing an additional 3,757 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of Garmin by 51.1% in the 1st quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock valued at $1,479,000 after purchasing an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its stake in shares of Garmin by 17.0% in the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock valued at $347,000 after purchasing an additional 242 shares during the period. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GRMN has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Barclays lifted their price target on shares of Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Friday, September 4th. Morgan Stanley upped their price target on Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Finally, Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.17.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 4,029 shares of Garmin stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the completion of the transaction, the chief executive officer directly owned 120,127 shares in the company, valued at $36,038,100. The trade was a 3.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 9,941 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 16,108 shares of company stock valued at $4,808,799. 14.80% of the stock is currently owned by company insiders.

Garmin Trading Up 3.7%

Shares of NYSE GRMN opened at $282.38 on Friday. The company’s 50-day moving average price is $276.52 and its 200 day moving average price is $254.30. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $314.28. The stock has a market cap of $54.46 billion, a price-to-earnings ratio of 29.11, a PEG ratio of 3.16 and a beta of 0.85.

Garmin (NYSE:GRMN) last announced its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the business posted $2.17 earnings per share. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, research analysts expect that Garmin Ltd. will post 10.08 earnings per share for the current year.

Garmin Company Profile

Garmin Ltd. is a technology company that develops products and services based on global positioning system (GPS) and other navigation technologies. The company serves consumers, businesses and specialized markets through its fitness, outdoor, aviation, marine and automotive original equipment manufacturer (OEM) segments.

Its product portfolio includes smartwatches and cycling computers, sports and activity trackers, outdoor navigation devices, satellite communication products, aviation avionics and navigation systems, marine chartplotters and sonar equipment, and in-vehicle navigation and infotainment solutions.