Raiffeisen Bank International AG lessened its stake in Garmin Ltd. (NYSE:GRMN – Free Report) by 37.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 6,326 shares of the scientific and technical instruments company’s stock after selling 3,773 shares during the quarter. Raiffeisen Bank International AG’s holdings in Garmin were worth $1,479,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after buying an additional 463 shares in the last quarter. NewEdge Advisors LLC increased its position in Garmin by 6.2% in the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock valued at $1,278,000 after acquiring an additional 345 shares during the period. Woodline Partners LP increased its holdings in shares of Garmin by 40.6% in the first quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after purchasing an additional 3,757 shares during the period. Focus Partners Wealth raised its position in Garmin by 51.1% during the 1st quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock worth $1,479,000 after buying an additional 2,304 shares during the last quarter. Finally, Sivia Capital Partners LLC raised its holdings in Garmin by 17.0% during the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock worth $347,000 after purchasing an additional 242 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.
Garmin Stock Performance
NYSE:GRMN opened at $276.90 on Friday. The stock has a market cap of $53.40 billion, a price-to-earnings ratio of 28.55, a price-to-earnings-growth ratio of 3.10 and a beta of 0.85. The business’s 50-day simple moving average is $272.72 and its 200 day simple moving average is $252.76. Garmin Ltd. has a one year low of $186.67 and a one year high of $314.28.
Analyst Ratings Changes
Several brokerages have commented on GRMN. KeyCorp restated a “sector weight” rating on shares of Garmin in a research report on Wednesday. UBS Group set a $370.00 price target on Garmin in a research report on Thursday, August 6th. Zacks Research raised shares of Garmin from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Finally, Wall Street Zen downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $310.17.
Get Our Latest Stock Report on GRMN
Insider Buying and Selling at Garmin
In other news, insider Cheng-Wei Wang sold 9,941 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares of the company’s stock, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 16,751 shares of company stock worth $4,978,275. 14.80% of the stock is owned by company insiders.
About Garmin
Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.
Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.
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