CIBC Asset Management Inc Buys 1,607 Shares of Garmin Ltd. (NYSE:GRMN)

CIBC Asset Management Inc grew its stake in Garmin Ltd. (NYSE:GRMN) by 9.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,998 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,607 shares during the quarter. CIBC Asset Management Inc’s holdings in Garmin were worth $3,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. University of Texas Texas AM Investment Management Co. bought a new position in Garmin in the second quarter worth about $31,000. Family Firm Inc. bought a new position in shares of Garmin in the 2nd quarter worth approximately $35,000. Benjamin Edwards Inc. lifted its stake in shares of Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the period. Headlands Technologies LLC bought a new stake in shares of Garmin during the second quarter valued at approximately $46,000. Finally, West Oak Capital LLC purchased a new stake in Garmin in the second quarter worth $53,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The trade was a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,479 shares of company stock valued at $2,419,502. Insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $209.27 on Tuesday. Garmin Ltd. has a 1 year low of $118.79 and a 1 year high of $215.55. The company has a market cap of $40.19 billion, a P/E ratio of 26.56, a PEG ratio of 3.17 and a beta of 0.97. The stock’s fifty day moving average price is $179.96 and its 200-day moving average price is $172.57.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the business earned $1.41 EPS. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 6.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. Tigress Financial raised 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. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays upped their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $162.67.

About Garmin

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.