Geode Capital Management LLC Acquires 112,815 Shares of Garmin Ltd. (NYSE:GRMN)

Geode Capital Management LLC raised its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,363,464 shares of the scientific and technical instruments company's stock after purchasing an additional 112,815 shares during the quarter. Geode Capital Management LLC owned approximately 2.27% of Garmin worth $765,912,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in Garmin in the second quarter worth $31,000. Larson Financial Group LLC lifted its position in Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after acquiring an additional 162 shares during the period. Family Firm Inc. bought a new stake in Garmin during the second quarter worth about $35,000. Itau Unibanco Holding S.A. purchased a new stake in Garmin in the third quarter worth about $39,000. Finally, Benjamin Edwards Inc. increased its stake in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company's stock valued at $38,000 after purchasing an additional 99 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Garmin Trading Down 2.2 %

GRMN traded down $4.80 during trading hours on Thursday, hitting $215.97. The company's stock had a trading volume of 605,488 shares, compared to its average volume of 857,602. The stock has a market cap of $41.47 billion, a price-to-earnings ratio of 27.41, a P/E/G ratio of 1.44 and a beta of 0.97. The business's 50-day moving average price is $194.68 and its 200-day moving average price is $178.51. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $222.97.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

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

Garmin Company 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.