Telemark Asset Management LLC Increases Stock Position in Garmin Ltd. (NYSE:GRMN)

Telemark Asset Management LLC raised its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 12.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,000 shares of the scientific and technical instruments company's stock after purchasing an additional 15,000 shares during the period. Garmin comprises approximately 2.4% of Telemark Asset Management LLC's holdings, making the stock its 11th largest holding. Telemark Asset Management LLC owned about 0.07% of Garmin worth $23,764,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Select Equity Group L.P. increased its holdings in Garmin by 0.6% in the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company's stock valued at $326,909,000 after buying an additional 11,666 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Garmin by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company's stock valued at $282,761,000 after acquiring an additional 13,968 shares during the last quarter. Boston Partners raised its position in shares of Garmin by 4.3% during the 1st quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company's stock valued at $210,799,000 after acquiring an additional 58,343 shares in the last quarter. Marshall Wace LLP raised its position in shares of Garmin by 34.0% during 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 acquiring an additional 278,990 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Garmin by 20.2% during the first quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company's stock worth $124,982,000 after purchasing an additional 141,001 shares during the last quarter. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of GRMN stock traded up $1.22 during trading hours on Friday, reaching $210.33. 776,419 shares of the company were exchanged, compared to its average volume of 858,345. The company has a market cap of $40.39 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 3.16 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $119.15 and a fifty-two week high of $215.55. The stock's fifty day moving average is $182.02 and its two-hundred day moving average is $173.65.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GRMN shares. Barclays raised their price target 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 downgraded Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Tigress Financial raised their target price on shares of Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Thursday, September 19th. Finally, Morgan Stanley cut shares of Garmin from an "equal weight" rating to an "underweight" rating and lowered their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $162.67.

Insider Activity

In related news, Director Sean Biddlecombe sold 587 shares of Garmin 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 transaction, the director now owns 6,147 shares of the company's stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company's stock, valued at $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,424 shares of company stock worth $638,159. 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.