Y Intercept Hong Kong Ltd 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 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,740 shares of the scientific and technical instruments company's stock, valued at approximately $482,000.
Several other large investors also recently bought and sold shares of GRMN. Orion Portfolio Solutions LLC increased its holdings in Garmin by 9.3% in the third quarter. Orion Portfolio Solutions LLC now owns 7,800 shares of the scientific and technical instruments company's stock valued at $1,373,000 after buying an additional 664 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Garmin in the 3rd quarter valued at about $668,000. National Bank of Canada FI raised its position in shares of Garmin by 22.7% during the 3rd quarter. National Bank of Canada FI now owns 15,584 shares of the scientific and technical instruments company's stock worth $2,743,000 after acquiring an additional 2,883 shares in the last quarter. Wahed Invest LLC raised its position in shares of Garmin by 11.3% during the 3rd quarter. Wahed Invest LLC now owns 3,760 shares of the scientific and technical instruments company's stock worth $662,000 after acquiring an additional 382 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in Garmin in the third quarter valued at approximately $2,869,000. Hedge funds and other institutional investors own 81.60% of the company's stock.
Insiders Place Their Bets
In other news, Director Sean Biddlecombe sold 587 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The stock was 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 $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.54% of the stock is owned by insiders.
Analyst Ratings Changes
Several analysts have recently weighed in on the stock. StockNews.com downgraded shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Morgan Stanley downgraded shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial lifted their target price on Garmin from $215.00 to $265.00 and gave the stock a "strong-buy" rating in a research report on Monday. Finally, Barclays upped their target price on Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Garmin presently has a consensus rating of "Hold" and an average target price of $171.00.
Check Out Our Latest Stock Report on Garmin
Garmin Stock Down 0.3 %
GRMN stock traded down $0.61 during trading on Monday, hitting $214.79. The company had a trading volume of 723,806 shares, compared to its average volume of 856,529. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $222.97. The firm has a 50-day moving average price of $196.62 and a 200-day moving average price of $179.47. The firm has a market cap of $41.25 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97.
Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The company's revenue for the quarter was up 24.1% compared to the same quarter last year. Sell-side analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.
Garmin Company Profile
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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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