Lapides Asset Management LLC Decreases Holdings in Garmin Ltd. (GRMN)

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Lapides Asset Management LLC reduced its stake in Garmin Ltd. (NASDAQ:GRMN) by 18.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,000 shares of the scientific and technical instruments company’s stock after selling 10,300 shares during the period. Lapides Asset Management LLC’s holdings in Garmin were worth $3,222,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Arizona State Retirement System increased its holdings in shares of Garmin by 9.8% in the third quarter. Arizona State Retirement System now owns 29,948 shares of the scientific and technical instruments company’s stock valued at $2,098,000 after purchasing an additional 2,671 shares during the last quarter. GWM Advisors LLC acquired a new position in shares of Garmin in the third quarter valued at about $362,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Garmin by 23.9% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 4,945 shares of the scientific and technical instruments company’s stock valued at $346,000 after acquiring an additional 954 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Garmin in the third quarter valued at about $535,000. Finally, State Treasurer State of Michigan grew its stake in shares of Garmin by 9.1% in the third quarter. State Treasurer State of Michigan now owns 35,962 shares of the scientific and technical instruments company’s stock valued at $2,519,000 after acquiring an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 38.79% of the company’s stock.

In related news, Chairman Min H. Kao sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $64.27, for a total transaction of $12,854,000.00. Following the completion of the sale, the chairman now owns 3,009,795 shares of the company’s stock, valued at $193,439,524.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Min H. Kao sold 606,873 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $65.10, for a total transaction of $39,507,432.30. Following the sale, the insider now directly owns 1,901,429 shares of the company’s stock, valued at approximately $123,783,027.90. The disclosure for this sale can be found here. Insiders have sold 3,951,036 shares of company stock valued at $254,685,426 in the last ninety days. 17.85% of the stock is currently owned by company insiders.

Shares of GRMN stock traded up $0.75 on Tuesday, hitting $62.52. The company’s stock had a trading volume of 55,904 shares, compared to its average volume of 1,119,767. Garmin Ltd. has a fifty-two week low of $55.91 and a fifty-two week high of $70.77. The company has a market capitalization of $12.19 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 2.54 and a beta of 0.98.

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

GRMN has been the topic of several research reports. ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. BidaskClub upgraded shares of Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 18th. Longbow Research set a $72.00 price target on shares of Garmin and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, Morgan Stanley set a $77.00 price target on shares of Garmin and gave the company an “equal weight” rating in a research note on Friday, September 21st. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $67.40.

About Garmin

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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