Caprock Group LLC Acquires Shares of 4,024 Garmin Ltd. $GRMN

Caprock Group LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,024 shares of the scientific and technical instruments company’s stock, valued at approximately $973,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Quaker Wealth Management LLC raised its holdings 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 worth $28,000 after purchasing an additional 264 shares in the last quarter. Richardson Financial Services Inc. grew its position in shares of Garmin by 62.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 51 shares during the period. Cornerstone Planning Group LLC increased its stake in shares of Garmin by 788.9% in the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after acquiring an additional 142 shares in the last quarter. Tradewinds Capital Management LLC purchased a new position in Garmin during the 3rd quarter valued at about $44,000. Finally, Newbridge Financial Services Group Inc. lifted its position in Garmin by 96.9% during the 2nd 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 period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity at Garmin

In other news, CEO Clifton A. Pemble sold 10,431 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was 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 $27,878,171.40. This trade represents a 7.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Douglas G. Boessen sold 2,485 shares of Garmin stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total value of $512,556.10. Following the completion of the sale, the chief financial officer directly owned 28,916 shares of the company’s stock, valued at $5,964,214.16. The trade was a 7.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,594 shares of company stock worth $3,437,592 over the last quarter. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

NYSE GRMN opened at $214.73 on Monday. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69. The stock has a 50-day moving average of $206.25 and a 200 day moving average of $220.24. The company has a market capitalization of $41.30 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 2.27 and a beta of 1.00.

About Garmin

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.