Envestnet Asset Management Inc. raised its position in Garmin Ltd. (NYSE:GRMN – Free Report) by 44.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 87,857 shares of the scientific and technical instruments company’s stock after buying an additional 26,915 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Garmin were worth $9,163,000 as of its most recent filing with the SEC.
A number of other large investors also recently bought and sold shares of the company. Spire Wealth Management purchased a new position in Garmin during the first quarter worth about $28,000. Clear Street Markets LLC increased its position in Garmin by 107.1% during the 1st quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock worth $32,000 after purchasing an additional 166 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of Garmin during the 1st quarter worth approximately $48,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Garmin in the 4th quarter valued at approximately $53,000. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $54,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.
Analyst Ratings Changes
Several research analysts have issued reports on GRMN shares. JPMorgan Chase & Co. increased their price objective on Garmin from $118.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, November 2nd. Bank of America raised their price objective on shares of Garmin from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, August 8th. StockNews.com assumed coverage on shares of Garmin in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Tigress Financial reaffirmed a “strong-buy” rating and issued a $165.00 target price on shares of Garmin in a report on Thursday, August 10th. Finally, Barclays boosted their price target on Garmin from $113.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Garmin currently has an average rating of “Hold” and a consensus price target of $127.80.
Insider Buying and Selling
In other news, CEO Clifton A. Pemble sold 5,000 shares of Garmin stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $120.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief executive officer now directly owns 115,629 shares in the company, valued at $13,875,480. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Clifton A. Pemble sold 5,000 shares of Garmin stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $120.00, for a total value of $600,000.00. Following the completion of the sale, the chief executive officer now owns 115,629 shares of the company’s stock, valued at $13,875,480. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 4,794 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $105.62, for a total value of $506,342.28. Following the completion of the transaction, the insider now owns 44,808 shares of the company’s stock, valued at $4,732,620.96. The disclosure for this sale can be found here. 19.89% of the stock is currently owned by company insiders.
Garmin Price Performance
Shares of NYSE GRMN opened at $118.85 on Thursday. The firm’s 50-day moving average is $107.27 and its two-hundred day moving average is $105.62. Garmin Ltd. has a 12-month low of $88.40 and a 12-month high of $120.25. The company has a market capitalization of $22.74 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 3.94 and a beta of 0.90.
Garmin (NYSE:GRMN – Get Free Report) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.12. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Garmin had a return on equity of 16.00% and a net margin of 20.60%. Garmin’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.24 EPS. On average, analysts forecast that Garmin Ltd. will post 5.28 EPS for the current fiscal year.
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; fitness and cycling accessories.
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