Mirae Asset Global Investments Co. Ltd. acquired a new stake in Garmin Ltd. (NYSE:GRMN – Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 41,734 shares of the scientific and technical instruments company’s stock, valued at approximately $11,971,000.
Several other large investors also recently modified their holdings of the stock. Bank of America Corp DE lifted its stake in shares of Garmin by 73.8% during the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock worth $300,499,000 after buying an additional 549,954 shares during the last quarter. Amundi boosted its holdings in shares of Garmin by 82.5% during the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock worth $236,027,000 after buying an additional 459,980 shares during the period. Hsbc Holdings PLC grew its stake in Garmin by 282.4% in the 1st quarter. Hsbc Holdings PLC now owns 272,512 shares of the scientific and technical instruments company’s stock valued at $63,190,000 after buying an additional 201,240 shares during the last quarter. Quantinno Capital Management LP grew its stake in Garmin by 51.2% in the 1st quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company’s stock valued at $81,491,000 after buying an additional 119,011 shares during the last quarter. Finally, Vest Financial LLC acquired a new position in Garmin in the 3rd quarter valued at about $20,240,000. 81.60% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have weighed in on GRMN shares. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Barclays reduced their price objective on Garmin from $297.00 to $277.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. Arete Research started coverage on Garmin in a research report on Wednesday, October 14th. They issued a “buy” rating and a $335.00 target price on the stock. KeyCorp reiterated a “sector weight” rating on shares of Garmin in a research note on Thursday, October 29th. Finally, Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $315.29.
Get Our Latest Stock Analysis on GRMN
Garmin Trading Down 1.0%
Shares of GRMN opened at $271.44 on Wednesday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $314.28. The firm’s 50 day moving average is $281.80 and its 200-day moving average is $254.22. The stock has a market capitalization of $52.31 billion, a PE ratio of 26.27, a P/E/G ratio of 2.85 and a beta of 0.90.
Garmin (NYSE:GRMN – Get Free Report) last released its earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.38. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Garmin had a return on equity of 21.94% and a net margin of 25.58%. The company’s revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.99 EPS. Equities research analysts predict that Garmin Ltd. will post 10.84 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, insider Cheng-Wei Wang sold 9,941 shares of the company’s stock in a transaction dated 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 sale, the insider owned 29,506 shares of the company’s stock, valued at $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 14.80% of the stock is currently owned by company insiders.
Garmin 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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