Denali Advisors LLC Has $6.80 Million Stake in Garmin Ltd. (GRMN)

Denali Advisors LLC grew its position in Garmin Ltd. (NASDAQ:GRMN) by 76.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,000 shares of the scientific and technical instruments company’s stock after acquiring an additional 41,900 shares during the period. Denali Advisors LLC’s holdings in Garmin were worth $6,795,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Edgestream Partners L.P. grew its position in shares of Garmin by 87.5% in the 2nd quarter. Edgestream Partners L.P. now owns 14,358 shares of the scientific and technical instruments company’s stock valued at $876,000 after acquiring an additional 6,700 shares during the period. Wells Fargo & Company MN grew its position in shares of Garmin by 119.3% in the 2nd quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock valued at $30,497,000 after acquiring an additional 272,012 shares during the period. Piedmont Investment Advisors LLC grew its position in shares of Garmin by 17.5% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 71,913 shares of the scientific and technical instruments company’s stock valued at $4,387,000 after acquiring an additional 10,734 shares during the period. Raymond James & Associates grew its position in shares of Garmin by 5.0% in the 2nd quarter. Raymond James & Associates now owns 225,231 shares of the scientific and technical instruments company’s stock valued at $13,739,000 after acquiring an additional 10,681 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of Garmin by 3.3% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 76,026 shares of the scientific and technical instruments company’s stock valued at $4,638,000 after acquiring an additional 2,459 shares during the period. 39.83% of the stock is owned by institutional investors.

In other Garmin news, insider Min H. Kao sold 370,832 shares of Garmin stock in a transaction dated Wednesday, July 11th. The shares were sold at an average price of $62.48, for a total value of $23,169,583.36. Following the completion of the sale, the insider now owns 5,377,290 shares in the company, valued at approximately $335,973,079.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Min H. Kao sold 235,881 shares of Garmin stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $63.01, for a total transaction of $14,862,861.81. Following the completion of the sale, the insider now owns 4,966,882 shares of the company’s stock, valued at approximately $312,963,234.82. The disclosure for this sale can be found here. Insiders have sold a total of 4,283,685 shares of company stock valued at $275,630,268 in the last ninety days. 17.85% of the stock is currently owned by insiders.

Shares of GRMN stock opened at $67.85 on Tuesday. The stock has a market cap of $13.88 billion, a P/E ratio of 23.08, a P/E/G ratio of 2.89 and a beta of 0.98. Garmin Ltd. has a 52 week low of $53.66 and a 52 week high of $70.77.

Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.87 by $0.12. The business had revenue of $894.50 million during the quarter, compared to the consensus estimate of $844.76 million. Garmin had a net margin of 18.72% and a return on equity of 15.98%. Garmin’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 EPS. On average, analysts forecast that Garmin Ltd. will post 3.3 earnings per share for the current fiscal year.

A number of research analysts have recently commented on the stock. Longbow Research set a $75.00 price objective on shares of Garmin and gave the company a “buy” rating in a research report on Thursday, September 20th. Morgan Stanley set a $77.00 target price on shares of Garmin and gave the stock an “equal weight” rating in a report on Friday, September 21st. BidaskClub downgraded shares of Garmin from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 4th. Finally, ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Garmin currently has a consensus rating of “Hold” and a consensus price target of $67.40.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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