State Street Corp boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 2.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,912,536 shares of the scientific and technical instruments company's stock after buying an additional 134,303 shares during the quarter. State Street Corp owned 3.60% of Garmin worth $1,216,819,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. FMR LLC boosted its stake in Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company's stock worth $664,540,000 after purchasing an additional 1,093,219 shares during the period. AQR Capital Management LLC raised its stake in Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company's stock valued at $115,177,000 after acquiring an additional 411,084 shares during the last quarter. Montrusco Bolton Investments Inc. purchased a new position in shares of Garmin in the 3rd quarter valued at approximately $53,252,000. Renaissance Technologies LLC purchased a new stake in shares of Garmin during the second quarter worth approximately $45,999,000. Finally, Marshall Wace LLP increased its stake in Garmin by 34.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company's stock valued at $178,958,000 after buying an additional 278,990 shares during the period. 73.41% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on GRMN shares. Tigress Financial lifted their price target on shares of Garmin from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research report on Thursday, September 19th. Barclays increased their price objective on Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research note on Friday, November 1st. Morgan Stanley downgraded shares of Garmin from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, StockNews.com cut shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $162.67.
Check Out Our Latest Analysis on Garmin
Insider Activity
In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The shares were 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 in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 19.54% of the stock is owned by company insiders.
Garmin Price Performance
NYSE:GRMN traded up $1.99 during trading hours on Friday, reaching $218.58. 661,073 shares of the stock were exchanged, compared to its average volume of 818,862. The firm has a 50 day moving average of $190.98 and a 200 day moving average of $177.05. The stock has a market cap of $41.97 billion, a PE ratio of 27.74, a PEG ratio of 1.42 and a beta of 0.97. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $219.54.
Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results 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 last year, the business earned $1.41 earnings per share. Garmin's revenue was up 24.1% on a year-over-year basis. Equities research analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.
About Garmin
(
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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