Townsquare Capital LLC Grows Stock Position in Garmin Ltd. (NYSE:GRMN)

Townsquare Capital LLC increased its holdings in Garmin Ltd. (NYSE:GRMN) by 74.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,700 shares of the scientific and technical instruments company’s stock after buying an additional 1,156 shares during the quarter. Townsquare Capital LLC’s holdings in Garmin were worth $475,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after acquiring an additional 1,093,219 shares during the last quarter. AQR Capital Management LLC raised its holdings in Garmin by 136.7% in the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after purchasing an additional 411,084 shares during the period. Montrusco Bolton Investments Inc. purchased a new position in Garmin during the third quarter valued at $53,252,000. Renaissance Technologies LLC bought a new stake in Garmin during the second quarter valued at about $45,999,000. Finally, Marshall Wace LLP increased its position in Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after buying an additional 278,990 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors.

Garmin Stock Up 1.5 %

Shares of GRMN stock opened at $215.64 on Thursday. The stock has a market cap of $41.41 billion, a P/E ratio of 27.37, a PEG ratio of 1.41 and a beta of 0.97. The company’s fifty day simple moving average is $189.25 and its two-hundred day simple moving average is $176.39. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44.

Garmin (NYSE:GRMN) last issued its quarterly earnings data 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. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 earnings per share. On average, analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of recent research reports. Barclays boosted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Morgan Stanley cut 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 research note on Monday, October 7th. Finally, Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus target price of $162.67.

Insiders Place Their Bets

In other Garmin news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The shares were 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 of the company’s stock, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 19.54% of the company’s stock.

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.