Penserra Capital Management LLC Acquires 6,806 Shares of Garmin Ltd. $GRMN

Penserra Capital Management LLC grew its stake in Garmin Ltd. (NYSE:GRMN) by 43.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,496 shares of the scientific and technical instruments company’s stock after acquiring an additional 6,806 shares during the period. Penserra Capital Management LLC’s holdings in Garmin were worth $5,538,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Quaker Wealth Management LLC grew its stake in Garmin by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 264 shares in the last quarter. Richardson Financial Services Inc. grew its stake in shares of Garmin by 62.2% in the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 51 shares in the last quarter. Cornerstone Planning Group LLC grew its stake in shares of Garmin by 788.9% in the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after buying an additional 142 shares in the last quarter. Tradewinds Capital Management LLC acquired a new position in Garmin during the third quarter worth $44,000. Finally, Newbridge Financial Services Group Inc. lifted its stake in Garmin by 96.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the scientific and technical instruments company’s stock valued at $52,000 after acquiring an additional 123 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Insider Activity

In related news, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the transaction, the chief executive officer directly owned 135,180 shares in the company, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Patrick Desbois sold 3,678 shares of Garmin stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the completion of the sale, the chief operating officer owned 61,798 shares of the company’s stock, valued at $13,002,299.20. This trade represents a 5.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 16,594 shares of company stock valued at $3,437,592. 15.38% of the stock is owned by company insiders.

Garmin Trading Down 3.0%

NYSE:GRMN opened at $199.19 on Friday. The stock has a 50 day simple moving average of $205.32 and a 200 day simple moving average of $221.41. The stock has a market cap of $38.31 billion, a P/E ratio of 24.53, a PEG ratio of 2.17 and a beta of 1.00. Garmin Ltd. has a 1-year low of $169.26 and a 1-year high of $261.69.

Analyst Ratings Changes

Several research analysts have recently weighed in on GRMN shares. Morgan Stanley boosted their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research report on Wednesday, December 3rd. Barclays upgraded Garmin from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $208.00 to $217.00 in a research note on Friday, January 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $244.40.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.