Garmin Ltd. (NYSE:GRMN) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,713 shares of the scientific and technical instruments company's stock after acquiring an additional 5,965 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Garmin worth $35,155,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in Garmin during the second quarter valued at about $31,000. Clearstead Trust LLC purchased a new stake in shares of Garmin in the first quarter worth about $30,000. Family Firm Inc. purchased a new stake in shares of Garmin in the second quarter worth about $35,000. Benjamin Edwards Inc. lifted its holdings in shares of Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company's stock worth $38,000 after buying an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Garmin in the second quarter worth about $46,000. Institutional investors own 73.41% of the company's stock.

Garmin Price Performance

Shares of GRMN stock traded up $0.73 during trading hours on Tuesday, reaching $213.29. 523,116 shares of the company traded hands, compared to its average volume of 857,518. Garmin Ltd. has a 12-month low of $116.01 and a 12-month high of $214.83. The company has a market cap of $40.96 billion, a P/E ratio of 27.01, a P/E/G ratio of 3.23 and a beta of 0.97. The firm has a 50-day moving average price of $177.47 and a 200 day moving average price of $170.81.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same period in the previous year, the firm earned $1.41 EPS. The business's quarterly revenue was up 24.1% on a year-over-year basis. Sell-side analysts predict that Garmin Ltd. will post 6.89 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on GRMN shares. Morgan Stanley cut shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial upped their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Thursday, September 19th. StockNews.com cut shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Finally, Barclays increased their price target on shares of Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research report on Friday, November 1st. Three investment 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. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $162.67.

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares of the company's stock, valued at $1,291,484.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 $1,291,484.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,479 shares of company stock valued at $2,419,502 in the last ninety days. Corporate insiders own 19.54% of the company's stock.

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.