AE Wealth Management LLC lessened its stake in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 62.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,901 shares of the scientific and technical instruments company’s stock after selling 51,341 shares during the period. AE Wealth Management LLC’s holdings in Garmin were worth $3,223,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. First Trust Advisors LP increased its position in Garmin by 188.6% in the first quarter. First Trust Advisors LP now owns 2,845,819 shares of the scientific and technical instruments company’s stock worth $287,200,000 after buying an additional 1,859,776 shares during the last quarter. Norges Bank purchased a new stake in Garmin in the fourth quarter worth $144,641,000. Select Equity Group L.P. increased its position in Garmin by 108.1% in the first quarter. Select Equity Group L.P. now owns 1,868,540 shares of the scientific and technical instruments company’s stock worth $188,573,000 after buying an additional 970,527 shares during the last quarter. Renaissance Technologies LLC increased its position in Garmin by 195.2% in the first quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock worth $117,073,000 after buying an additional 652,700 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Garmin by 2.2% in the first 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 buying an additional 365,713 shares during the last quarter. Hedge funds and other institutional investors own 63.26% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on GRMN shares. Bank of America lifted their target price on shares of Garmin from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. Barclays lifted their price target on Garmin from $106.00 to $113.00 and gave the company an “equal weight” rating in a research report on Thursday, August 3rd. Tigress Financial reiterated a “strong-buy” rating and issued a $165.00 price target on shares of Garmin in a research report on Thursday, August 10th. Morgan Stanley reduced their price target on Garmin from $104.00 to $103.00 and set an “equal weight” rating for the company in a research report on Thursday, August 3rd. Finally, StockNews.com initiated coverage on Garmin in a research report on Wednesday, August 23rd. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $123.20.
Insider Buying and Selling
In related news, insider Cheng-Wei Wang sold 4,794 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $105.62, for a total value of $506,342.28. Following the completion of the transaction, the insider now directly owns 44,808 shares in the company, valued at $4,732,620.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Garmin news, insider Cheng-Wei Wang sold 4,794 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $105.62, for a total value of $506,342.28. Following the completion of the sale, the insider now owns 44,808 shares of the company’s stock, valued at $4,732,620.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sean Biddlecombe sold 857 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $106.02, for a total value of $90,859.14. Following the completion of the sale, the director now directly owns 4,834 shares of the company’s stock, valued at approximately $512,500.68. The disclosure for this sale can be found here. 19.89% of the stock is owned by company insiders.
Garmin Trading Down 1.7 %
Shares of NYSE GRMN opened at $105.01 on Friday. Garmin Ltd. has a 12 month low of $76.37 and a 12 month high of $108.56. The firm has a market capitalization of $20.10 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 3.68 and a beta of 0.91. The business has a 50-day moving average of $105.08 and a 200-day moving average of $103.16.
Garmin (NYSE:GRMN – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.43 by $0.02. Garmin had a return on equity of 15.81% and a net margin of 20.23%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share. Garmin’s revenue was up 6.4% on a year-over-year basis. On average, analysts predict that Garmin Ltd. will post 5.16 earnings per share for the current year.
About Garmin
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; fitness and cycling accessories.
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