Garmin Ltd. (NYSE:GRMN) Shares Purchased by Citigroup Inc.

Citigroup Inc. raised its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 123.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 283,412 shares of the scientific and technical instruments company's stock after acquiring an additional 156,441 shares during the quarter. Citigroup Inc. owned 0.15% of Garmin worth $49,889,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC lifted its holdings in Garmin by 136.7% in the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company's stock worth $115,177,000 after buying an additional 411,084 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Garmin during the second quarter valued at about $45,999,000. Marshall Wace LLP boosted its stake in Garmin by 34.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company's stock valued at $178,958,000 after purchasing an additional 278,990 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Garmin by 123.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company's stock worth $85,600,000 after buying an additional 268,996 shares during the last quarter. Finally, Wedge Capital Management L L P NC purchased a new stake in Garmin during the third quarter valued at about $45,501,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company's stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,424 shares of company stock valued at $638,159 in the last 90 days. Insiders own 19.54% of the company's stock.

Garmin Trading Up 2.0 %

Shares of GRMN traded up $4.19 during trading hours on Monday, reaching $214.52. 1,721,536 shares of the stock traded hands, compared to its average volume of 862,131. The company has a market cap of $41.19 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 1.39 and a beta of 0.97. The stock has a fifty day simple moving average of $182.77 and a 200 day simple moving average of $174.00. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm's revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 EPS. Analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Barclays raised their price objective on Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research note on Friday, November 1st. StockNews.com cut shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Tigress Financial raised their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research note on Thursday, September 19th. Finally, Morgan Stanley cut shares of Garmin from an "equal weight" rating to an "underweight" rating and lowered their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $162.67.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.