Penserra Capital Management LLC Lowers Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Penserra Capital Management LLC cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,578 shares of the scientific and technical instruments company’s stock after selling 552 shares during the period. Penserra Capital Management LLC’s holdings in Garmin were worth $1,509,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GRMN. Sumitomo Life Insurance Co. raised its stake in shares of Garmin by 0.9% during the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after purchasing an additional 61 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in Garmin by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after buying an additional 70 shares during the last quarter. UMB Bank n.a. raised its position in Garmin by 2.6% during the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after buying an additional 74 shares during the last quarter. Buckingham Capital Management Inc. lifted its stake in shares of Garmin by 0.7% in the 3rd quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock worth $2,062,000 after acquiring an additional 80 shares during the period. Finally, Brighton Jones LLC increased its stake in shares of Garmin by 5.8% during the second quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after acquiring an additional 83 shares during the period. 73.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction 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 approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

Garmin Stock Down 0.8 %

Shares of GRMN stock opened at $212.85 on Wednesday. Garmin Ltd. has a fifty-two week low of $119.15 and a fifty-two week high of $216.44. The business has a fifty day simple moving average of $184.43 and a 200-day simple moving average of $174.63. The stock has a market cap of $40.87 billion, a P/E ratio of 27.01, a P/E/G ratio of 1.39 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned $1.41 earnings per share. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

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.