Mercer Global Advisors Inc. ADV Grows Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Mercer Global Advisors Inc. ADV lifted its position in Garmin Ltd. (NYSE:GRMN) by 6.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,263 shares of the scientific and technical instruments company’s stock after purchasing an additional 3,280 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Garmin were worth $9,175,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Principal Securities Inc. purchased a new position in shares of Garmin during the fourth quarter worth approximately $65,000. Norges Bank bought a new position in shares of Garmin during the 4th quarter valued at $20,848,000. PNC Financial Services Group Inc. raised its position in Garmin by 16.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,853 shares of the scientific and technical instruments company’s stock worth $1,781,000 after purchasing an additional 1,921 shares during the period. D.A. Davidson & CO. lifted its stake in Garmin by 4.1% in the fourth quarter. D.A. Davidson & CO. now owns 27,827 shares of the scientific and technical instruments company’s stock worth $3,577,000 after purchasing an additional 1,104 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in Garmin by 12.4% during the fourth quarter. Corient Private Wealth LLC now owns 11,931 shares of the scientific and technical instruments company’s stock valued at $1,534,000 after buying an additional 1,319 shares during the period. 73.41% of the stock is currently owned by institutional investors.

Insider Transactions at Garmin

In related news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,892 shares of company stock valued at $2,296,174. Company insiders own 19.54% of the company’s stock.

Garmin Price Performance

GRMN opened at $171.76 on Friday. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The business has a 50 day simple moving average of $174.44 and a two-hundred day simple moving average of $162.10. The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.45 earnings per share. As a group, sell-side analysts expect that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Tigress Financial raised their target price on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $152.17.

Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.