Principal Financial Group Inc. cut its stake in Garmin Ltd. (NASDAQ:GRMN) by 3.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 198,216 shares of the scientific and technical instruments company’s stock after selling 7,068 shares during the period. Principal Financial Group Inc. owned approximately 0.10% of Garmin worth $28,670,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Harbour Investments Inc. bought a new position in shares of Garmin in the 1st quarter valued at about $27,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Garmin during the 1st quarter worth approximately $30,000. E Fund Management Co. Ltd. bought a new stake in shares of Garmin during the 1st quarter worth approximately $35,000. Arkadios Wealth Advisors boosted its holdings in shares of Garmin by 34.4% in the 2nd quarter. Arkadios Wealth Advisors now owns 289 shares of the scientific and technical instruments company’s stock valued at $41,000 after buying an additional 74 shares during the last quarter. Finally, Certified Advisory Corp bought a new position in shares of Garmin in the first quarter valued at $49,000. Hedge funds and other institutional investors own 51.64% of the company’s stock.
A number of brokerages have recently commented on GRMN. Tigress Financial reissued a “strong-buy” rating and issued a $198.00 price objective (up previously from $174.00) on shares of Garmin in a research report on Wednesday, August 4th. Zacks Investment Research boosted their price target on Garmin to $171.25 in a research report on Tuesday, September 14th. Morgan Stanley raised their price objective on Garmin from $138.00 to $147.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Deutsche Bank Aktiengesellschaft boosted their target price on Garmin from $140.00 to $155.00 and gave the stock a “hold” rating in a report on Thursday, July 29th. Finally, Bank of America cut shares of Garmin from a “buy” rating to a “neutral” rating and set a $155.00 price objective for the company. in a research report on Tuesday, June 22nd. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $157.04.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, July 28th. The scientific and technical instruments company reported $1.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.45. Garmin had a net margin of 24.36% and a return on equity of 21.68%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.07 billion. On average, equities research analysts anticipate that Garmin Ltd. will post 5.6 earnings per share for the current fiscal year.
In other Garmin news, Director Sean Biddlecombe sold 405 shares of the company’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $161.14, for a total transaction of $65,261.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 2,333 shares of the business’s stock in a transaction on Friday, August 6th. The stock was sold at an average price of $165.00, for a total value of $384,945.00. The disclosure for this sale can be found here. Corporate insiders own 21.39% of the company’s stock.
Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.
Featured Article: What can cause a stock to outperform?
Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NASDAQ:GRMN).
Receive News & Ratings for Garmin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin and related companies with MarketBeat.com's FREE daily email newsletter.