abrdn plc Boosts Stock Position in Garmin Ltd. (NYSE:GRMN)

abrdn plc grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,616 shares of the scientific and technical instruments company's stock after acquiring an additional 4,005 shares during the quarter. abrdn plc's holdings in Garmin were worth $11,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Sumitomo Life Insurance Co. increased its position in shares of Garmin by 0.9% during the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company's stock valued at $1,177,000 after acquiring an additional 61 shares during the last quarter. Elo Mutual Pension Insurance Co raised its stake in shares of Garmin by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company's stock worth $2,290,000 after purchasing an additional 70 shares during the period. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company's stock worth $344,000 after buying an additional 73 shares during the last quarter. UMB Bank n.a. grew its position in Garmin by 2.6% during the second quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company's stock valued at $469,000 after buying an additional 74 shares during the period. Finally, Brighton Jones LLC increased its holdings in Garmin by 5.8% during the second quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company's stock worth $248,000 after buying an additional 83 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Tigress Financial boosted their target price 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. 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 boosted their target price on Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research note on Friday. Finally, StockNews.com downgraded Garmin from a "buy" rating to a "hold" rating in a research note on Thursday, September 12th. 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's stock. Based on data from MarketBeat.com, Garmin has an average rating of "Hold" and a consensus price target of $162.67.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,055 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company's stock, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Philip Straub sold 2,750 shares of Garmin 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 sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the business's stock in a transaction dated 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 transaction, the insider now directly owns 40,965 shares of the company's stock, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is owned by company insiders.

Garmin Price Performance

Shares of NYSE:GRMN traded down $0.17 during trading on Friday, hitting $198.18. 1,708,179 shares of the company were exchanged, compared to its average volume of 854,782. Garmin Ltd. has a 52-week low of $112.01 and a 52-week high of $207.22. The stock has a 50 day moving average of $174.22 and a 200 day moving average of $167.80. The company has a market cap of $38.09 billion, a PE ratio of 25.15, a P/E/G ratio of 3.52 and a beta of 0.99.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.46 by $0.53. The business 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 quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 EPS. Sell-side analysts forecast that Garmin Ltd. will post 6.09 EPS for the current fiscal 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.