Garmin Ltd. $GRMN Holdings Cut by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Garmin stake by 1.7% in the third quarter, selling 7,845 shares; it retained 460,788 shares valued at about $132.2 million.
• Garmin reported quarterly EPS of $2.76, beating the $2.38 analyst consensus, while revenue of $1.99 billion matched estimates and rose 12.2% year over year.
• Analysts’ average rating is Hold, with a consensus price target of $315.29; institutional investors collectively own 81.6% of Garmin shares.

Pictet Asset Management Holding SA lowered its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 460,788 shares of the scientific and technical instruments company's stock after selling 7,845 shares during the period. Pictet Asset Management Holding SA owned approximately 0.24% of Garmin worth $132,172,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Garmin by 73.8% in the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company's stock worth $300,499,000 after acquiring an additional 549,954 shares in the last quarter. Amundi increased its holdings in Garmin by 82.5% during the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company's stock valued at $236,027,000 after acquiring an additional 459,980 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of Garmin by 282.4% during the 1st quarter. Hsbc Holdings PLC now owns 272,512 shares of the scientific and technical instruments company's stock worth $63,190,000 after purchasing an additional 201,240 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Garmin by 51.2% during the 1st quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company's stock worth $81,491,000 after purchasing an additional 119,011 shares during the last quarter. Finally, Vest Financial LLC purchased a new stake in Garmin in the 3rd quarter valued at approximately $20,240,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Up 0.1%

Shares of GRMN opened at $285.73 on Monday. The firm has a market cap of $55.06 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 2.83 and a beta of 0.90. The business's 50 day moving average is $281.70 and its two-hundred day moving average is $255.40. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28.

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 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.38. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The firm's revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the business earned $1.99 EPS. On average, equities analysts expect that Garmin Ltd. will post 10.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value 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. The trade was a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 14.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GRMN shares. JPMorgan Chase & Co. upped their target price on shares of Garmin from $295.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday, October 29th. Barclays reduced their target price on Garmin from $297.00 to $277.00 and set an "equal weight" rating on the stock in a report on Thursday, October 29th. KeyCorp reaffirmed a "sector weight" rating on shares of Garmin in a research report on Thursday, October 29th. Arete Research initiated coverage on shares of Garmin in a research note on Wednesday, October 14th. They set a "buy" rating and a $335.00 price objective for the company. Finally, Bank of America reissued an "underperform" rating on shares of Garmin in a research report on Monday, November 2nd. 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $315.29.

Garmin Company Profile

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology.

Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.

Garmin is incorporated in Switzerland and has its operational headquarters in Olathe, Kansas.

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