Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. In this article we are going to take a look at smart money sentiment towards Garmin Ltd. (NASDAQ:GRMN).
Garmin Ltd. (NASDAQ:GRMN) shareholders have witnessed an increase in hedge fund sentiment in recent months, with ownership among the hedgies tracked by Insider Monkey shooting up by nearly 50% in Q3. At the end of this article we will also compare GRMN to other stocks including Crescent Point Energy Corp (NYSE:CPG), ANSYS, Inc. (NASDAQ:ANSS), and Xylem Inc (NYSE:XYL) to get a better sense of its popularity.
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How are hedge funds trading Garmin Ltd. (NASDAQ:GRMN)?
At Q3’s end, a total of 25 of the hedge funds tracked by Insider Monkey held long positions in this stock, a jump of 47% from one quarter earlier, pushing Garmin share ownership among successful hedge funds to a yearly high. With hedgies’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Jim Simons’ Renaissance Technologies holds the biggest position in Garmin Ltd. (NASDAQ:GRMN). According to regulatory filings, the fund has a $43.8 million position in the stock. The second largest stake is held by Winton Capital Management, led by David Harding, holding a $23.3 million position. Other professional money managers that hold long positions consist of Joel Greenblatt’s Gotham Asset Management, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and Anthony Scaramucci’s Skybridge Capital.
As aggregate interest increased, key money managers were leading the bulls’ herd. Arrowstreet Capital established the biggest position in Garmin Ltd. (NASDAQ:GRMN). According to its latest 13F filing, the fund had $21.1 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made an $8.9 million investment in the stock during the quarter. The other funds with brand new GRMN positions are Christopher Zepf and Brian Thonn’s Kingdom Ridge Capital and John Overdeck and David Siegel’s Two Sigma Advisors.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Garmin Ltd. (NASDAQ:GRMN) but similarly valued. We will take a look at Crescent Point Energy Corp (NYSE:CPG), ANSYS, Inc. (NASDAQ:ANSS), Xylem Inc (NYSE:XYL), and Wyndham Worldwide Corporation (NYSE:WYN). This group of stocks’ market values are similar to GRMN’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CPG | 16 | 47001 | -2 |
| ANSS | 24 | 657657 | 4 |
| XYL | 17 | 469078 | -4 |
| WYN | 23 | 622581 | -3 |
As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $449 million. That figure was $213 million in GRMN’s case. ANSYS, Inc. (NASDAQ:ANSS) is the most popular stock in this table. On the other hand Crescent Point Energy Corp (NYSE:CPG) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Garmin Ltd. (NASDAQ:GRMN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and growing more bullish, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
Disclosure: None
