29,644 Shares of Garmin Ltd. $GRMN Purchased by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management acquired 29,644 Garmin shares in the third quarter, worth approximately $8.6 million. Institutional investors and hedge funds own 81.6% of the stock.
• Garmin reported quarterly earnings of $2.76 per share, beating the $2.38 consensus estimate; revenue rose 12.2% year over year to $1.99 billion.
• Analysts’ consensus rating is Hold, with an average price target of $315.29. Shares opened at $286.86, down 0.8%.

Rakuten Investment Management Inc. acquired a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 29,644 shares of the scientific and technical instruments company's stock, valued at approximately $8,604,000.

A number of other institutional investors also recently bought and sold shares of GRMN. Provenance Wealth Advisors LLC increased its stake in Garmin by 5,450.0% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 333 shares of the scientific and technical instruments company's stock valued at $96,000 after purchasing an additional 327 shares in the last quarter. Integrity Alliance LLC. raised its holdings in shares of Garmin by 6.9% in the third quarter. Integrity Alliance LLC. now owns 12,365 shares of the scientific and technical instruments company's stock worth $3,547,000 after buying an additional 801 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Garmin by 0.8% during the third quarter. Oregon Public Employees Retirement Fund now owns 20,385 shares of the scientific and technical instruments company's stock worth $5,847,000 after buying an additional 163 shares during the period. Next Level Wealth Planning LLC acquired a new stake in shares of Garmin during the third quarter worth $84,000. Finally, Trek Financial LLC acquired a new stake in shares of Garmin during the third quarter worth $3,034,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. KeyCorp reissued a "sector weight" rating on shares of Garmin in a report on Thursday, October 29th. Zacks Research lowered Garmin from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 12th. UBS Group set a $370.00 target price on Garmin in a research note on Thursday, August 6th. Barclays lowered their price target on Garmin from $297.00 to $277.00 and set an "equal weight" rating for the company in a research report on Thursday, October 29th. Finally, Bank of America reiterated an "underperform" rating on shares of Garmin in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $315.29.

Garmin Trading Down 0.8%

Shares of NYSE:GRMN opened at $286.86 on Friday. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $314.28. The company has a market cap of $55.28 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. The company's 50 day moving average is $281.78 and its 200 day moving average is $254.98.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 EPS for the quarter, beating the consensus estimate of $2.38 by $0.38. The business had revenue of $1.99 billion during the quarter, compared to analysts' expectations of $1.99 billion. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The business's quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.99 EPS. Equities research analysts predict that Garmin Ltd. will post 10.77 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Cheng-Wei Wang sold 9,941 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares of the company's stock, valued at $8,832,916.16. This trade represents a 25.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.80% of the stock is currently owned by company insiders.

About Garmin

Garmin Ltd. NYSE: GRMN designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.

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