International Assets Investment Management LLC Invests $13.45 Million in Garmin Ltd. (NYSE:GRMN)

International Assets Investment Management LLC bought a new position in Garmin Ltd. (NYSE:GRMN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 76,397 shares of the scientific and technical instruments company’s stock, valued at approximately $13,448,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Greenleaf Trust boosted its position in shares of Garmin by 4.6% in the third quarter. Greenleaf Trust now owns 3,783 shares of the scientific and technical instruments company’s stock worth $666,000 after buying an additional 165 shares during the period. Private Advisor Group LLC boosted its position in shares of Garmin by 2.0% in the third quarter. Private Advisor Group LLC now owns 4,314 shares of the scientific and technical instruments company’s stock worth $759,000 after buying an additional 83 shares during the period. Narwhal Capital Management boosted its position in shares of Garmin by 15.8% in the third quarter. Narwhal Capital Management now owns 22,173 shares of the scientific and technical instruments company’s stock worth $3,903,000 after buying an additional 3,026 shares during the period. Eastern Bank acquired a new stake in shares of Garmin in the third quarter worth $176,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Garmin by 172.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 48,351 shares of the scientific and technical instruments company’s stock valued at $8,511,000 after purchasing an additional 30,598 shares during the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,892 shares of company stock worth $2,296,174. Company insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on GRMN shares. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $181.00 to $133.00 in a research report on Friday, September 13th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Tigress Financial lifted their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $158.50.

Garmin Price Performance

NYSE GRMN opened at $204.86 on Thursday. Garmin Ltd. has a fifty-two week low of $101.49 and a fifty-two week high of $207.22. The stock’s 50-day moving average is $173.44 and its two-hundred day moving average is $167.01. The firm has a market cap of $39.35 billion, a P/E ratio of 28.89, a price-to-earnings-growth ratio of 2.81 and a beta of 0.99.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the company earned $1.45 earnings per share. The business’s revenue was up 14.3% compared to the same quarter last year. On average, equities analysts expect that Garmin Ltd. will post 6.08 EPS for the current year.

Garmin Company 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.