Scientech Research LLC Takes $337,000 Position in Garmin Ltd. (NYSE:GRMN)

Scientech Research LLC acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 2nd quarter, Holdings Channel reports. The fund acquired 2,071 shares of the scientific and technical instruments company’s stock, valued at approximately $337,000.

A number of other hedge funds have also recently bought and sold shares of the company. Select Equity Group L.P. lifted its stake in shares of Garmin by 0.6% during the 2nd quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after purchasing an additional 11,666 shares during the period. Dimensional Fund Advisors LP increased its stake in Garmin by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock valued at $282,761,000 after purchasing an additional 13,968 shares during the last quarter. Boston Partners lifted its position in Garmin by 4.3% during the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock worth $210,799,000 after buying an additional 58,343 shares during the period. Marshall Wace LLP boosted its stake 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 during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Garmin by 28.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after buying an additional 190,739 shares during the period. Institutional investors and hedge funds own 73.41% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GRMN. Tigress Financial increased their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Barclays lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, StockNews.com lowered shares of 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $152.17.

Garmin Stock Performance

NYSE GRMN opened at $176.00 on Tuesday. The firm has a market capitalization of $33.81 billion, a price-to-earnings ratio of 24.82, a PEG ratio of 3.04 and a beta of 1.00. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The company’s 50 day moving average price is $174.80 and its 200 day moving average price is $163.67.

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

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 over the last quarter. Company insiders own 19.54% of the company’s stock.

Garmin Company Profile

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.