Cibc World Market Inc. Buys 635 Shares of Garmin Ltd. (NYSE:GRMN)

Cibc World Market Inc. raised its stake in Garmin Ltd. (NYSE:GRMNGet Rating) by 13.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,427 shares of the scientific and technical instruments company’s stock after purchasing an additional 635 shares during the period. Cibc World Market Inc.’s holdings in Garmin were worth $533,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Strong Tower Advisory Services increased its stake in Garmin by 1.6% in the second quarter. Strong Tower Advisory Services now owns 11,862 shares of the scientific and technical instruments company’s stock valued at $1,165,000 after purchasing an additional 183 shares in the last quarter. Cerity Partners LLC bought a new stake in Garmin in the second quarter valued at $359,000. Inspire Investing LLC increased its stake in Garmin by 6.1% in the second quarter. Inspire Investing LLC now owns 16,981 shares of the scientific and technical instruments company’s stock valued at $1,668,000 after purchasing an additional 972 shares in the last quarter. WINTON GROUP Ltd increased its position in shares of Garmin by 3.3% during the second quarter. WINTON GROUP Ltd now owns 19,809 shares of the scientific and technical instruments company’s stock worth $1,946,000 after acquiring an additional 627 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Garmin by 2.2% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 102,550 shares of the scientific and technical instruments company’s stock worth $10,075,000 after acquiring an additional 2,242 shares in the last quarter. 62.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GRMN has been the subject of several recent research reports. Morgan Stanley decreased their target price on shares of Garmin from $96.00 to $91.00 and set an “equal weight” rating for the company in a research report on Monday, October 17th. StockNews.com initiated coverage on shares of Garmin in a research report on Wednesday, October 12th. They set a “hold” rating for the company. TheStreet downgraded shares of Garmin from a “b” rating to a “c+” rating in a research report on Wednesday, July 27th. Barclays initiated coverage on shares of Garmin in a research report on Wednesday, November 9th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Bank of America downgraded shares of Garmin from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $137.00 to $109.00 in a research report on Tuesday, August 2nd. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Garmin currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.40.

Garmin Stock Performance

Garmin stock opened at $90.45 on Tuesday. The stock has a market cap of $17.34 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 3.28 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $76.37 and a fifty-two week high of $144.52. The firm’s 50-day simple moving average is $84.11 and its 200 day simple moving average is $92.53.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 19,836 shares of the business’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $90.00, for a total value of $1,785,240.00. Following the transaction, the chief executive officer now directly owns 125,664 shares in the company, valued at $11,309,760. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 19,836 shares of the business’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $90.00, for a total value of $1,785,240.00. Following the transaction, the chief executive officer now directly owns 125,664 shares in the company, valued at $11,309,760. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 9,550 shares of the business’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $90.00, for a total transaction of $859,500.00. Following the completion of the transaction, the chief executive officer now owns 135,950 shares in the company, valued at $12,235,500. The disclosure for this sale can be found here. Insiders have sold a total of 29,589 shares of company stock worth $2,662,269 over the last three months. 20.34% of the stock is currently owned by insiders.

Garmin Profile

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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

Further Reading

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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