Rakuten Investment Management Inc. purchased a new stake in Garmin Ltd. (NYSE:GRMN – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 29,644 shares of the scientific and technical instruments company’s stock, valued at approximately $8,604,000.
A number of other large investors also recently bought and sold shares of the stock. Elevation Wealth Partners LLC grew its stake in shares of Garmin by 336.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 74 shares during the period. Latitude Advisors LLC purchased a new position in shares of Garmin during the 3rd quarter valued at approximately $32,000. CoreCap Advisors LLC increased its holdings in shares of Garmin by 216.2% during the 3rd quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 80 shares in the last quarter. Groupe la Francaise lifted its stake in shares of Garmin by 346.4% in the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 97 shares during the period. Finally, Ninety One UK Ltd acquired a new position in shares of Garmin in the 3rd quarter valued at $41,000. 81.60% of the stock is owned by institutional investors and hedge funds.
Garmin Trading Down 0.8%
Shares of GRMN opened at $286.86 on Friday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $314.28. The stock’s 50 day moving average is $281.78 and its two-hundred day moving average is $254.98. The firm has a market cap of $55.28 billion, a P/E ratio of 27.70, a PEG ratio of 2.86 and a beta of 0.90.
Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.38. The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Garmin had a return on equity of 21.94% and a net margin of 25.58%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share. Equities research analysts forecast that Garmin Ltd. will post 10.77 EPS for the current year.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. Arete Research assumed coverage on shares of Garmin in a report on Wednesday, October 14th. They set a “buy” rating and a $335.00 price target on the stock. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. UBS Group set a $370.00 price objective on shares of Garmin in a report on Thursday, August 6th. Zacks Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Finally, Weiss Ratings raised shares of Garmin from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus price target of $315.29.
Read Our Latest Stock Report on Garmin
Insider Transactions at Garmin
In related news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the sale, the insider owned 29,506 shares of the company’s stock, valued at approximately $8,832,916.16. This trade represents a 25.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 14.80% of the company’s stock.
Garmin Company Profile
Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.
The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.
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