Assenagon Asset Management S.A. Buys 2,349 Shares of Garmin Ltd. (NYSE:GRMN)

Assenagon Asset Management S.A. grew its stake in shares of Garmin Ltd. (NYSE:GRMN) by 16.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,794 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,349 shares during the period. Assenagon Asset Management S.A.’s holdings in Garmin were worth $2,956,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. GSA Capital Partners LLP bought a new stake in shares of Garmin during the 1st quarter valued at about $1,389,000. LBP AM SA boosted its stake in shares of Garmin by 81.4% during the 1st quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock valued at $1,084,000 after purchasing an additional 3,268 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Garmin by 3.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after purchasing an additional 5,945 shares in the last quarter. Cetera Investment Advisers boosted its stake in Garmin by 51.7% during the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after acquiring an additional 9,681 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Garmin by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock worth $26,500,000 after acquiring an additional 7,553 shares in the last quarter. Institutional investors own 73.41% of the company’s stock.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 directly owns 40,965 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at the SEC website. In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 directly owns 40,965 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction that occurred on 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 directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was 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 valued at $2,296,174 over the last three months. Insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Garmin Stock Performance

Shares of NYSE GRMN opened at $204.86 on Thursday. The firm’s 50 day moving average price is $173.44 and its 200-day moving average price is $167.01. The company has a market cap of $39.35 billion, a PE ratio of 28.89, a P/E/G ratio of 2.81 and a beta of 0.99. Garmin Ltd. has a 52-week low of $101.49 and a 52-week high of $207.22.

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

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.