Weiss Asset Management LP Takes $2.87 Million Position in Garmin Ltd. (NYSE:GRMN)

Weiss Asset Management LP purchased a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,300 shares of the scientific and technical instruments company's stock, valued at approximately $2,869,000.

Other hedge funds have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the second quarter valued at $31,000. Larson Financial Group LLC lifted its holdings in Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after buying an additional 162 shares during the period. Family Firm Inc. acquired a new position in Garmin in the second quarter valued at approximately $35,000. Benjamin Edwards Inc. boosted its stake in Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company's stock valued at $38,000 after acquiring an additional 99 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new stake in Garmin during the 3rd quarter worth $39,000. Institutional investors own 73.41% of the company's stock.

Garmin Trading Up 0.9 %

Shares of GRMN stock traded up $1.99 on Friday, hitting $218.58. The stock had a trading volume of 661,073 shares, compared to its average volume of 818,862. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $219.54. The firm has a market cap of $41.97 billion, a P/E ratio of 27.74, a PEG ratio of 1.42 and a beta of 0.97. The company has a fifty day moving average price of $190.98 and a two-hundred day moving average price of $177.05.

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. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm's revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 EPS. On average, analysts expect that Garmin Ltd. will post 7.01 earnings per share for the current year.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were 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. The trade was a 8.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 19.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on the stock. StockNews.com lowered shares of Garmin from a "buy" rating to a "hold" rating in a report on Thursday, September 12th. Morgan Stanley lowered shares of Garmin from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial lifted 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, Barclays lifted their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an "underweight" rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $162.67.

Garmin Profile

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.