Garmin Ltd. (NYSE:GRMN) Stake Boosted by Assetmark Inc.

Assetmark Inc. lifted its stake in shares of Garmin Ltd. (NYSE:GRMNFree Report) by 24.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,005 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,580 shares during the quarter. Assetmark Inc.’s holdings in Garmin were worth $1,409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Clearstead Trust LLC bought a new stake in shares of Garmin during the first quarter valued at about $30,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Garmin during the second quarter worth $31,000. Family Firm Inc. purchased a new stake in Garmin during the second quarter valued at about $35,000. Benjamin Edwards Inc. boosted its stake in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Garmin in the second quarter worth $46,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other Garmin 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 value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This represents a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the business’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 transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,479 shares of company stock worth $2,419,502 over the last 90 days. 19.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $162.67.

Check Out Our Latest Report on Garmin

Garmin Stock Down 0.8 %

NYSE:GRMN opened at $211.32 on Friday. Garmin Ltd. has a 12 month low of $118.51 and a 12 month high of $215.55. The company’s 50-day moving average price is $178.79 and its two-hundred day moving average price is $171.60. The firm has a market cap of $40.58 billion, a PE ratio of 27.23, a price-to-earnings-growth ratio of 3.25 and a beta of 0.97.

Garmin (NYSE:GRMNGet Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 EPS. On average, research analysts expect that Garmin Ltd. will post 6.88 EPS for the current fiscal year.

About Garmin

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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