Nuveen Asset Management LLC Has $38.12 Million Stake in Garmin Ltd. (NYSE:GRMN)

Posted by Defense World Staff on Feb 27th, 2023

Nuveen Asset Management LLC decreased its position in Garmin Ltd. (NYSE:GRMN – Get Rating) by 1.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 474,588 shares of the scientific and technical instruments company’s stock after selling 6,339 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.25% of Garmin worth $38,115,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Garmin by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock worth $2,049,121,000 after purchasing an additional 365,713 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of Garmin by 7.7% during the third quarter. Artisan Partners Limited Partnership now owns 6,922,720 shares of the scientific and technical instruments company’s stock worth $555,964,000 after buying an additional 492,576 shares during the last quarter. Pictet Asset Management SA lifted its holdings in shares of Garmin by 4.9% during the second quarter. Pictet Asset Management SA now owns 2,302,545 shares of the scientific and technical instruments company’s stock worth $226,225,000 after buying an additional 108,086 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Garmin by 3.0% in the second quarter. JPMorgan Chase & Co. now owns 2,172,867 shares of the scientific and technical instruments company’s stock valued at $213,485,000 after acquiring an additional 63,170 shares during the period. Finally, Boston Partners grew its stake in shares of Garmin by 20.4% in the third quarter. Boston Partners now owns 2,123,048 shares of the scientific and technical instruments company’s stock worth $170,526,000 after acquiring an additional 360,334 shares during the last quarter. Institutional investors own 63.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on GRMN. JPMorgan Chase & Co. increased their price target on shares of Garmin from $108.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley increased their target price on shares of Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Barclays boosted their price target on Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $123.17.

Garmin Stock Performance

Shares of Garmin stock opened at $98.30 on Monday. Garmin Ltd. has a twelve month low of $76.37 and a twelve month high of $121.74. The firm has a market cap of $18.81 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 3.27 and a beta of 0.95. The firm’s 50-day simple moving average is $96.45 and its 200-day simple moving average is $90.41.

Garmin (NYSE:GRMN – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.21. Garmin had a return on equity of 16.41% and a net margin of 20.03%. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business earned $1.55 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. On average, equities analysts forecast that Garmin Ltd. will post 5.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In other Garmin news, Director Matthew Munn sold 1,797 shares of Garmin stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $92.96, for a total transaction of $167,049.12. Following the completion of the transaction, the director now directly owns 11,340 shares of the company’s stock, valued at $1,054,166.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 20.34% of the company’s stock.

About Garmin

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.