1832 Asset Management L.P. Takes Position in Garmin Ltd. (NYSE:GRMN)

1832 Asset Management L.P. acquired a new stake in shares of Garmin Ltd. (NYSE:GRMNFree Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,628 shares of the scientific and technical instruments company’s stock, valued at approximately $2,266,000.

Several other institutional investors have also recently made changes to their positions in the stock. Morningstar Investment Management LLC acquired a new position in shares of Garmin during the fourth quarter valued at about $210,000. Crossmark Global Holdings Inc. raised its holdings in shares of Garmin by 2.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 12,603 shares of the scientific and technical instruments company’s stock valued at $1,620,000 after purchasing an additional 289 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Garmin by 330.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 24,696 shares of the scientific and technical instruments company’s stock valued at $3,174,000 after purchasing an additional 18,953 shares during the period. Armistice Capital LLC acquired a new position in shares of Garmin during the fourth quarter valued at about $225,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Garmin by 28.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock worth $110,869,000 after acquiring an additional 190,739 shares in the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. Barrington Research boosted their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Bank of America downgraded shares of Garmin from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Barclays boosted their target price on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Finally, Tigress Financial boosted their target price on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, May 14th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $156.83.

View Our Latest Stock Report on Garmin

Insider Activity at Garmin

In related news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the sale, the director now directly owns 653,834 shares in the company, valued at approximately $97,349,344.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the sale, the executive vice president now directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the completion of the transaction, the director now directly owns 653,834 shares in the company, valued at approximately $97,349,344.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,126 shares of company stock worth $7,232,084. 19.54% of the stock is owned by corporate insiders.

Garmin Stock Performance

Shares of GRMN stock opened at $163.26 on Friday. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $171.64. The company has a 50-day simple moving average of $156.49 and a two-hundred day simple moving average of $139.09. The company has a market capitalization of $31.36 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 3.52 and a beta of 0.98.

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 for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The company’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 earnings per share. On average, sell-side analysts forecast that Garmin Ltd. will post 5.77 EPS for the current fiscal year.

About Garmin

(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.

See Also

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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