Forsta AP Fonden Purchases 2,500 Shares of Garmin Ltd. (NYSE:GRMN)

Forsta AP Fonden lifted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 9.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,900 shares of the scientific and technical instruments company’s stock after buying an additional 2,500 shares during the period. Forsta AP Fonden’s holdings in Garmin were worth $5,087,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Integrity Wealth Solutions LLC boosted its position in Garmin by 29.4% in the first quarter. Integrity Wealth Solutions LLC now owns 2,370 shares of the scientific and technical instruments company’s stock worth $353,000 after purchasing an additional 539 shares during the last quarter. Azzad Asset Management Inc. ADV raised its stake in shares of Garmin by 1.4% in the first quarter. Azzad Asset Management Inc. ADV now owns 26,859 shares of the scientific and technical instruments company’s stock valued at $3,998,000 after buying an additional 359 shares during the period. Denali Advisors LLC bought a new stake in shares of Garmin in the first quarter valued at $179,000. Norden Group LLC bought a new stake in shares of Garmin in the first quarter valued at $847,000. Finally, Insight Folios Inc raised its stake in shares of Garmin by 3.5% in the first quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock valued at $412,000 after buying an additional 93 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial boosted their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $158.50.

Garmin Trading Up 2.5 %

GRMN opened at $166.30 on Tuesday. The stock has a 50-day moving average price of $173.11 and a 200-day moving average price of $166.58. Garmin Ltd. has a 12-month low of $99.99 and a 12-month high of $184.42. The stock has a market capitalization of $31.94 billion, a P/E ratio of 23.46, a PEG ratio of 2.81 and a beta of 0.99.

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

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the 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 directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the 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 directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 in the last ninety days. 19.54% of the stock is owned by company insiders.

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.