Garmin Ltd. (NYSE:GRMN) Shares Bought by Allianz Asset Management GmbH

Allianz Asset Management GmbH grew its holdings in Garmin Ltd. (NYSE:GRMNFree Report) by 10.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,479 shares of the scientific and technical instruments company’s stock after acquiring an additional 4,978 shares during the period. Allianz Asset Management GmbH’s holdings in Garmin were worth $6,874,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of GRMN. DekaBank Deutsche Girozentrale grew its holdings in Garmin by 153.8% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 291,918 shares of the scientific and technical instruments company’s stock worth $37,737,000 after acquiring an additional 176,908 shares in the last quarter. Artisan Partners Limited Partnership grew its stake in shares of Garmin by 2.5% during the third quarter. Artisan Partners Limited Partnership now owns 7,246,834 shares of the scientific and technical instruments company’s stock worth $762,367,000 after purchasing an additional 176,510 shares in the last quarter. Norges Bank purchased a new position in Garmin in the fourth quarter valued at $20,848,000. Invesco Ltd. raised its stake in Garmin by 10.7% in the third quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock valued at $148,459,000 after buying an additional 136,929 shares in the last quarter. Finally, Barlow Wealth Partners Inc. purchased a new stake in Garmin during the 4th quarter worth about $16,815,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $142.12, for a total value of $2,131,800.00. Following the completion of the transaction, the director now owns 683,834 shares in the company, valued at $97,186,488.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 60,000 shares of company stock valued at $8,680,650. 19.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GRMN. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a report on Tuesday. Barrington Research increased their target price on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, Barclays upped their price objective on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $156.83.

Check Out Our Latest Research Report on GRMN

Garmin Stock Down 0.1 %

NYSE GRMN opened at $163.11 on Wednesday. The business’s 50-day moving average price is $155.58 and its 200 day moving average price is $138.30. The firm has a market cap of $31.33 billion, a P/E ratio of 23.01, a P/E/G ratio of 3.52 and a beta of 0.98. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $171.64.

Garmin (NYSE:GRMNGet Free Report) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Profile

(Free Report)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.

Further Reading

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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