Allspring Global Investments Holdings LLC Grows Position in Garmin Ltd. (NYSE:GRMN)

Allspring Global Investments Holdings LLC boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 172.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,351 shares of the scientific and technical instruments company's stock after acquiring an additional 30,598 shares during the period. Allspring Global Investments Holdings LLC's holdings in Garmin were worth $8,511,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Trust LLC bought a new position in Garmin in the 1st quarter worth about $30,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin during the second quarter valued at approximately $31,000. Family Firm Inc. purchased a new position in Garmin in the 2nd quarter worth approximately $35,000. Benjamin Edwards Inc. lifted its position in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company's stock valued at $38,000 after acquiring an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Garmin during the 2nd quarter valued at $46,000. Hedge funds and other institutional investors own 73.41% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on GRMN. 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. StockNews.com lowered shares of Garmin from a "buy" rating to a "hold" rating in a research note on Thursday, September 12th. Barclays cut shares of Garmin from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $181.00 to $133.00 in a report on Friday, September 13th. Finally, Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the company a "strong-buy" rating in a report on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of "Hold" and an average price target of $158.50.

Insider Buying and Selling at Garmin

In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Philip Straub sold 2,750 shares of the firm's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 over the last ninety days. 19.54% of the stock is currently owned by company insiders.

Garmin Price Performance

Shares of GRMN stock traded up $0.37 during trading hours on Friday, reaching $162.30. 757,486 shares of the company traded hands, compared to its average volume of 704,376. The firm has a 50-day moving average price of $173.31 and a 200 day moving average price of $166.30. The company has a market cap of $31.20 billion, a P/E ratio of 22.70, a P/E/G ratio of 2.81 and a beta of 0.99. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The company's revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 earnings per share. Sell-side analysts predict that Garmin Ltd. will post 6.08 EPS for the current year.

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.