Garmin Ltd. $GRMN Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Garmin Ltd. (NYSE:GRMN) by 25.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,584 shares of the scientific and technical instruments company’s stock after purchasing an additional 4,437 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Garmin were worth $5,314,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Garmin by 6.9% in the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after buying an additional 1,273,163 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Garmin by 6.4% in the second quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after acquiring an additional 356,161 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Garmin by 1.3% in the second quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock worth $958,405,000 after acquiring an additional 59,321 shares during the last quarter. Norges Bank purchased a new stake in shares of Garmin during the second quarter worth approximately $410,304,000. Finally, Disciplined Growth Investors Inc. MN raised its stake in Garmin by 0.4% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after purchasing an additional 5,213 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Activity

In related news, CEO Clifton A. Pemble sold 10,431 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the completion of the sale, the chief executive officer directly owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This trade represents a 7.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 2,485 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total transaction of $512,556.10. Following the completion of the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at $5,964,214.16. The trade was a 7.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,594 shares of company stock valued at $3,437,592 in the last quarter. Insiders own 19.54% of the company’s stock.

Garmin Stock Performance

GRMN stock opened at $201.48 on Monday. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69. The firm has a market cap of $38.75 billion, a PE ratio of 24.81, a PEG ratio of 2.13 and a beta of 1.00. The firm’s 50 day moving average price is $204.58 and its 200-day moving average price is $222.00.

Analysts Set New Price Targets

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

Garmin 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.