Strategy Asset Managers LLC Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Strategy Asset Managers LLC purchased a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,669 shares of the scientific and technical instruments company's stock, valued at approximately $470,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in shares of Garmin by 136.7% in the second 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 in the last quarter. Renaissance Technologies LLC purchased a new position in Garmin during the 2nd quarter valued at about $45,999,000. Marshall Wace LLP lifted its position in shares of 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 worth $178,958,000 after purchasing an additional 278,990 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Garmin by 123.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company's stock valued at $85,600,000 after purchasing an additional 268,996 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of Garmin during the third quarter valued at approximately $45,501,000. Hedge funds and other institutional investors own 73.41% of the company's stock.

Insider Activity

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company's stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm's stock in a transaction that occurred on 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 directly owns 88,622 shares of the company's stock, valued at $16,081,348.12. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,424 shares of company stock worth $638,159. 19.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research note on Thursday, September 19th. Barclays increased their price objective 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. StockNews.com downgraded shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Finally, Morgan Stanley cut shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Three research 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $162.67.

Garmin Trading Down 0.9 %

Shares of GRMN opened at $205.57 on Thursday. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $215.55. The firm has a market capitalization of $39.47 billion, a P/E ratio of 26.09, a PEG ratio of 3.16 and a beta of 0.97. The firm's 50-day moving average is $181.49 and its two-hundred day moving average is $173.40.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business's revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 earnings per share. Analysts predict that Garmin Ltd. will post 6.88 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.