Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 82.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,684 shares of the scientific and technical instruments company's stock after acquiring an additional 41,771 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Garmin were worth $16,315,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of GRMN. Cetera Investment Advisers boosted its position in shares of Garmin by 51.7% during the 1st quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company's stock worth $4,227,000 after purchasing an additional 9,681 shares in the last quarter. Citigroup Inc. boosted its holdings in Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company's stock worth $49,889,000 after acquiring an additional 156,441 shares in the last quarter. Algert Global LLC acquired a new stake in Garmin in the second quarter valued at approximately $508,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Garmin during the third quarter valued at approximately $695,000. Finally, Trajan Wealth LLC raised its position in shares of Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company's stock worth $14,498,000 after purchasing an additional 6,878 shares during the period. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the business's stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 19.54% of the stock is owned by corporate insiders.

Garmin Price Performance

Shares of NYSE GRMN traded up $0.51 during mid-day trading on Friday, reaching $212.60. 394,771 shares of the company's stock were exchanged, compared to its average volume of 941,213. The firm has a 50-day moving average price of $186.92 and a two-hundred day moving average price of $175.49. The firm has a market capitalization of $40.82 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 1.40 and a beta of 0.97. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44.

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 for the quarter, beating analysts' consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The company's quarterly revenue was up 24.1% on a year-over-year basis. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GRMN shares. Morgan Stanley downgraded shares of Garmin from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com downgraded shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. 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 report on Friday, November 1st. Finally, Tigress Financial boosted their price objective on Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Thursday, September 19th. 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $162.67.

Garmin Company 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.