Jacobs Levy Equity Management Inc. Acquires 270,186 Shares of Garmin Ltd. (NYSE:GRMN)

Jacobs Levy Equity Management Inc. grew its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 1,580.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 287,283 shares of the scientific and technical instruments company's stock after purchasing an additional 270,186 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.15% of Garmin worth $50,570,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cetera Investment Advisers grew its position in Garmin by 51.7% during the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company's stock worth $4,227,000 after buying an additional 9,681 shares in the last quarter. Citigroup Inc. grew its position in Garmin by 123.2% during the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company's stock worth $49,889,000 after buying an additional 156,441 shares in the last quarter. Algert Global LLC acquired a new stake in Garmin during the second quarter worth about $508,000. Dynamic Advisor Solutions LLC acquired a new stake in Garmin during the third quarter worth about $695,000. Finally, Trajan Wealth LLC grew its position in Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company's stock worth $14,498,000 after buying an additional 6,878 shares in the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of NYSE:GRMN traded up $1.97 during trading on Wednesday, reaching $214.42. The stock had a trading volume of 249,540 shares, compared to its average volume of 856,079. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44. The business's 50-day moving average price is $188.40 and its 200 day moving average price is $176.12. The stock has a market capitalization of $41.17 billion, a PE ratio of 26.96, a P/E/G ratio of 1.41 and a beta of 0.97.

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

Insider Activity

In related news, Director Sean Biddlecombe sold 587 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 19.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Garmin Profile

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.