NEOS Investment Management LLC Purchases 3,233 Shares of Garmin Ltd. $GRMN

NEOS Investment Management LLC increased its position in shares of Garmin Ltd. (NYSE:GRMN) by 14.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,365 shares of the scientific and technical instruments company’s stock after buying an additional 3,233 shares during the period. NEOS Investment Management LLC’s holdings in Garmin were worth $6,263,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Garmin by 1.8% in the 3rd quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock valued at $1,785,304,000 after purchasing an additional 126,677 shares during the last quarter. Norges Bank acquired a new position in Garmin during the fourth quarter worth approximately $395,234,000. Northern Trust Corp raised its stake in Garmin by 3.8% in the fourth quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company’s stock valued at $348,836,000 after buying an additional 63,283 shares during the period. Dimensional Fund Advisors LP raised its stake in Garmin by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock valued at $378,540,000 after buying an additional 40,474 shares during the period. Finally, Disciplined Growth Investors Inc. MN lifted its position in shares of Garmin by 0.4% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after buying an additional 5,213 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Joseph J. Hartnett sold 643 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director directly owned 21,277 shares in the company, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Clifton Pemble sold 4,029 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the transaction, the chief executive officer directly owned 120,127 shares in the company, valued at approximately $36,038,100. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 16,751 shares of company stock worth $4,978,275. Corporate insiders own 14.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. KeyCorp reaffirmed a “sector weight” rating on shares of Garmin in a report on Wednesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Monday, June 8th. UBS Group set a $370.00 price objective on shares of Garmin in a report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Garmin has an average rating of “Moderate Buy” and an average target price of $310.17.

Garmin Trading Down 0.1%

Garmin stock opened at $276.90 on Friday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $314.28. The stock’s 50 day moving average is $272.72 and its 200-day moving average is $252.76. The company has a market capitalization of $53.40 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 3.10 and a beta of 0.85.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $2.17 EPS. As a group, equities research analysts predict that Garmin Ltd. will post 10.08 earnings per share for the current fiscal year.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.