SummitTX Capital L.P. Purchases 10,670 Shares of Garmin Ltd. $GRMN

SummitTX Capital L.P. raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 296.6% during the 1st quarter, Holdings Channel reports. The fund owned 14,268 shares of the scientific and technical instruments company’s stock after purchasing an additional 10,670 shares during the period. SummitTX Capital L.P.’s holdings in Garmin were worth $3,310,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its position 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 worth $401,000 after purchasing an additional 463 shares during the last quarter. NewEdge Advisors LLC raised its stake in Garmin by 6.2% during the first quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock valued at $1,278,000 after purchasing an additional 345 shares in the last quarter. Woodline Partners LP lifted its position in Garmin by 40.6% during the first 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 during the last quarter. Focus Partners Wealth lifted its position in Garmin by 51.1% during the first 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 during the last quarter. Finally, Sivia Capital Partners LLC lifted its position in Garmin by 17.0% during 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 last quarter. 81.60% of the stock is currently owned by institutional investors.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, the chief financial officer directly owned 26,049 shares in the company, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the completion of the sale, the director directly owned 21,277 shares in the company, valued at $5,607,978.89. This trade represents a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 14.80% of the stock is currently owned by insiders.

Garmin Stock Up 4.5%

GRMN stock opened at $253.45 on Wednesday. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $273.32. The stock has a market capitalization of $48.88 billion, a price-to-earnings ratio of 28.26, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. The firm’s fifty day simple moving average is $239.62 and its two-hundred day simple moving average is $235.51.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.24. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.61 earnings per share. As a group, equities research analysts expect that Garmin Ltd. will post 9.53 EPS for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research reports. Tigress Financial boosted their target price on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a report on Wednesday, May 20th. Zacks Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Morgan Stanley set a $249.00 price objective on Garmin in a research report on Thursday, April 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.40.

Garmin Company 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.