NEOS Investment Management LLC Buys 3,233 Shares of Garmin Ltd. $GRMN

NEOS Investment Management LLC raised its stake in Garmin Ltd. (NYSE:GRMN) by 14.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,365 shares of the scientific and technical instruments company’s stock after acquiring an additional 3,233 shares during the period. NEOS Investment Management LLC’s holdings in Garmin were worth $6,263,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Westmount Partners LLC increased its position in shares of Garmin by 1.9% in the first quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company’s stock worth $512,000 after purchasing an additional 42 shares during the period. Caldwell Trust Co lifted its position in Garmin by 4.4% during the first quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock worth $237,000 after purchasing an additional 43 shares during the period. HHM Wealth Advisors LLC grew its stake in Garmin by 6.9% during the first quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock worth $162,000 after buying an additional 45 shares in the last quarter. Fulton Bank N.A. grew its stake in Garmin by 2.9% during the first quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock worth $388,000 after buying an additional 47 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its position in shares of Garmin by 23.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 264 shares of the scientific and technical instruments company’s stock valued at $61,000 after buying an additional 51 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Garmin Trading Down 0.1%

GRMN stock opened at $276.90 on Friday. The firm has a 50-day moving average price of $272.72 and a 200-day moving average price of $252.76. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $314.28. The stock has a market capitalization of $53.40 billion, a P/E ratio of 28.55, a price-to-earnings-growth ratio of 3.10 and a beta of 0.85.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GRMN shares. KeyCorp reaffirmed a “sector weight” rating on shares of Garmin in a report on Wednesday. Barclays boosted their price objective 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. Wall Street Zen cut Garmin from a “buy” rating to a “hold” rating in a research note on Saturday, June 20th. Zacks Research raised Garmin from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. Finally, UBS Group set a $370.00 price target on Garmin in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $310.17.

Insider Transactions at Garmin

In other Garmin news, Director Joseph Hartnett sold 643 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the sale, the director owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 9,941 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the transaction, the insider owned 29,506 shares of the company’s stock, valued at $8,832,916.16. This trade represents a 25.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 16,751 shares of company stock valued at $4,978,275. Corporate insiders own 14.80% of the company’s stock.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.