Wedge Capital Management L L P NC Purchases 107,959 Shares of Garmin Ltd. (NASDAQ:GRMN)

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Wedge Capital Management L L P NC raised its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 24.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 545,803 shares of the scientific and technical instruments company’s stock after acquiring an additional 107,959 shares during the period. Wedge Capital Management L L P NC owned approximately 0.28% of Garmin worth $43,555,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Hilton Capital Management LLC bought a new position in Garmin during the first quarter valued at $29,000. Hanseatic Management Services Inc. bought a new position in Garmin during the 1st quarter worth about $30,000. Huntington National Bank increased its holdings in Garmin by 244.4% during the 1st quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock worth $32,000 after purchasing an additional 264 shares in the last quarter. Trust Co. of Vermont increased its holdings in Garmin by 762.1% during the 1st quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock worth $43,000 after purchasing an additional 442 shares in the last quarter. Finally, Farmers National Bank bought a new position in Garmin during the 1st quarter worth about $44,000. Institutional investors and hedge funds own 42.19% of the company’s stock.

A number of research analysts recently issued reports on GRMN shares. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and decreased their price objective for the company from $77.00 to $75.00 in a research note on Friday, June 7th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Tuesday, June 11th. BidaskClub upgraded shares of Garmin from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Zacks Investment Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 24th. Finally, ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Garmin currently has an average rating of “Hold” and a consensus price target of $78.66.

In other news, insider Min H. Kao sold 199,486 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $78.23, for a total value of $15,605,789.78. Following the transaction, the insider now owns 1,779,429 shares of the company’s stock, valued at approximately $139,204,730.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Min H. Kao sold 196,836 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $79.53, for a total transaction of $15,654,367.08. Following the completion of the transaction, the chairman now directly owns 1,799,429 shares in the company, valued at approximately $143,108,588.37. The disclosure for this sale can be found here. Insiders have sold a total of 4,729,539 shares of company stock worth $372,513,109 over the last 90 days. 23.83% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:GRMN traded up $1.27 during midday trading on Tuesday, hitting $79.07. 117,194 shares of the company’s stock were exchanged, compared to its average volume of 1,437,002. The company has a current ratio of 2.39, a quick ratio of 1.76 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average price is $79.21. The stock has a market cap of $15.66 billion, a P/E ratio of 21.43, a PEG ratio of 2.76 and a beta of 0.91. Garmin Ltd. has a 12 month low of $59.98 and a 12 month high of $89.72.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.16. The business had revenue of $955.00 million during the quarter, compared to the consensus estimate of $930.98 million. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.99 EPS. Analysts expect that Garmin Ltd. will post 3.9 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, September 13th. Garmin’s payout ratio is currently 61.79%.

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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