BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stock Position in Garmin Ltd. (NYSE:GRMN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 60.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,383 shares of the scientific and technical instruments company’s stock after purchasing an additional 11,108 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Garmin were worth $4,787,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Trust LLC purchased a new position in shares of Garmin during the 1st quarter valued at $30,000. Family Firm Inc. purchased a new position in shares of Garmin during the 2nd quarter valued at $35,000. Benjamin Edwards Inc. lifted its position in shares of Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Garmin during the 2nd quarter valued at $46,000. Finally, West Oak Capital LLC purchased a new position in shares of Garmin during the 2nd quarter valued at $53,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on 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 completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Up 1.0 %

Shares of NYSE GRMN opened at $174.83 on Friday. The firm has a market capitalization of $33.58 billion, a P/E ratio of 24.66, a P/E/G ratio of 3.04 and a beta of 1.00. The stock’s 50-day simple moving average is $174.64 and its two-hundred day simple moving average is $163.18. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $184.42.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Tigress Financial upped their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Garmin currently has an average rating of “Hold” and an average price target of $152.17.

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.