Public Employees Retirement System of Ohio purchased a new position in Garmin Ltd. (NYSE:GRMN - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 65,919 shares of the scientific and technical instruments company's stock, valued at approximately $11,604,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC lifted its stake in shares of Garmin by 3.4% during the second quarter. Sequoia Financial Advisors LLC now owns 2,629 shares of the scientific and technical instruments company's stock valued at $428,000 after buying an additional 86 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Garmin by 15.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,726 shares of the scientific and technical instruments company's stock valued at $1,910,000 after purchasing an additional 1,564 shares during the period. ORG Partners LLC purchased a new stake in shares of Garmin in the second quarter valued at $112,000. Envestnet Portfolio Solutions Inc. increased its stake in Garmin by 18.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,018 shares of the scientific and technical instruments company's stock valued at $329,000 after purchasing an additional 321 shares during the last quarter. Finally, Fiduciary Financial Group LLC purchased a new position in Garmin during the second quarter worth about $240,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Garmin
In other Garmin news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 19.54% of the stock is currently owned by corporate insiders.
Garmin Stock Down 2.2 %
Shares of GRMN stock traded down $4.80 during mid-day trading on Thursday, reaching $215.97. The company's stock had a trading volume of 605,488 shares, compared to its average volume of 857,602. The firm has a market capitalization of $41.47 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.97. The company's 50 day simple moving average is $194.68 and its 200-day simple moving average 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 EPS for the quarter, topping 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 company had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same quarter in the previous year, the firm posted $1.41 earnings per share. The firm's quarterly revenue was up 24.1% on a year-over-year basis. As a group, research analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current fiscal year.
Analysts Set New Price Targets
Several analysts have commented on the company. Barclays upped their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research note on Friday, November 1st. StockNews.com lowered shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Morgan Stanley lowered shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Tigress Financial upped their price objective on Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Thursday, September 19th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Garmin presently has an average rating of "Hold" and an average target price of $162.67.
Check Out Our Latest Stock Analysis on GRMN
Garmin Company Profile
(
Free Report)
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.
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