Meiji Yasuda Asset Management Co Ltd. Lowers Position in Garmin Ltd. (NYSE:GRMN)

Meiji Yasuda Asset Management Co Ltd. cut its stake in Garmin Ltd. (NYSE:GRMN – Get Rating) by 2.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,415 shares of the scientific and technical instruments company’s stock after selling 230 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Garmin were worth $836,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Neuberger Berman Group LLC lifted its holdings in shares of Garmin by 41.2% during the third quarter. Neuberger Berman Group LLC now owns 7,806 shares of the scientific and technical instruments company’s stock valued at $627,000 after purchasing an additional 2,277 shares during the last quarter. Cascade Investment Advisors Inc. lifted its holdings in shares of Garmin by 3.6% during the third quarter. Cascade Investment Advisors Inc. now owns 11,641 shares of the scientific and technical instruments company’s stock valued at $1,025,000 after purchasing an additional 400 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Garmin by 0.5% during the third quarter. Alliancebernstein L.P. now owns 197,342 shares of the scientific and technical instruments company’s stock valued at $15,849,000 after purchasing an additional 1,051 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Garmin by 6.9% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,519,653 shares of the scientific and technical instruments company’s stock valued at $122,043,000 after purchasing an additional 97,709 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Garmin by 5.5% during the third quarter. State Street Corp now owns 6,798,228 shares of the scientific and technical instruments company’s stock valued at $545,971,000 after purchasing an additional 355,087 shares during the last quarter. 63.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Garmin from $108.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, February 23rd. Tigress Financial reaffirmed a “strong-buy” rating and issued a $165.00 price objective on shares of Garmin in a research report on Friday, March 3rd. TheStreet raised Garmin from a “c+” rating to a “b-” rating in a research report on Monday. Barclays boosted their target price on shares of Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. Finally, Morgan Stanley boosted their target price on shares of Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. Four 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 company’s stock. According to data from MarketBeat, Garmin has a consensus rating of “Moderate Buy” and a consensus target price of $123.17.

Garmin Trading Up 1.9 %

Shares of GRMN opened at $97.03 on Wednesday. The firm has a market cap of $18.57 billion, a PE ratio of 19.25, a P/E/G ratio of 3.30 and a beta of 0.94. The firm has a fifty day simple moving average of $97.87 and a two-hundred day simple moving average of $91.02. Garmin Ltd. has a 1-year low of $76.37 and a 1-year high of $121.74.

Garmin (NYSE:GRMN – Get Rating) last announced its earnings results on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.21. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.32 billion. Garmin had a net margin of 20.03% and a return on equity of 16.41%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.55 EPS. As a group, research analysts forecast that Garmin Ltd. will post 5.15 EPS for the current fiscal year.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 7,216 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $98.54, for a total value of $711,064.64. Following the completion of the sale, the chief executive officer now directly owns 120,460 shares in the company, valued at approximately $11,870,128.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Clifton A. Pemble sold 7,216 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $98.54, for a total value of $711,064.64. Following the completion of the sale, the chief executive officer now directly owns 120,460 shares in the company, valued at approximately $11,870,128.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Munn sold 1,797 shares of the company’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $92.96, for a total value of $167,049.12. Following the completion of the sale, the director now owns 11,340 shares of the company’s stock, valued at $1,054,166.40. The disclosure for this sale can be found here. Insiders sold 18,407 shares of company stock worth $1,802,970 in the last three months. Corporate insiders own 20.34% of the company’s stock.

Garmin Company Profile

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.