DoubleLine ETF Adviser LP Takes Position in Garmin Ltd. (NYSE:GRMN)

DoubleLine ETF Adviser LP purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 4,049 shares of the scientific and technical instruments company’s stock, valued at approximately $660,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. Epoch Investment Partners Inc. bought a new position in shares of Garmin during the fourth quarter valued at $54,460,000. AQR Capital Management LLC increased its holdings in Garmin by 136.7% in the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Garmin in the 2nd quarter worth about $45,999,000. Marshall Wace LLP increased its holdings in Garmin by 34.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after buying an additional 278,990 shares in the last quarter. Finally, M&G Plc bought a new stake in Garmin in the 1st quarter worth about $38,727,000. 73.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Garmin

In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock worth $2,296,174 in the last three months. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Up 1.0 %

Garmin stock opened at $174.83 on Friday. The business has a 50-day simple moving average of $174.64 and a two-hundred day simple moving average of $163.18. The company has a market cap of $33.58 billion, a P/E ratio of 24.66, a P/E/G ratio of 3.04 and a beta of 1.00. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $184.42.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.45 EPS. Research analysts anticipate that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on GRMN shares. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $181.00 to $133.00 in a report on Friday, September 13th. Tigress Financial lifted their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Garmin presently has an average rating of “Hold” and an average target price of $152.17.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.