Garmin Ltd. $GRMN Stock Bought by Hager Investment Management Services LLC

Key Points

• Hager Investment Management Services increased its Garmin stake by 4,590.3% in the third quarter, ending the period with 6,754 shares valued at about $1.94 million.
• 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 have a consensus Hold rating on Garmin and an average price target of $315.29. Institutional investors own 81.6% of the stock.

Hager Investment Management Services LLC lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 4,590.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,754 shares of the scientific and technical instruments company's stock after buying an additional 6,610 shares during the period. Hager Investment Management Services LLC's holdings in Garmin were worth $1,937,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GRMN. Bank of America Corp DE lifted its position in shares of 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 buying an additional 549,954 shares during the last quarter. Amundi lifted its holdings in shares of Garmin by 82.5% during the first 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 during the period. Hsbc Holdings PLC grew its holdings in 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 acquiring an additional 201,240 shares during the last quarter. Quantinno Capital Management LP boosted its position in Garmin by 51.2% in the 1st quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company's stock valued at $81,491,000 after buying an additional 119,011 shares during the last quarter. Finally, Vest Financial LLC bought a new stake in shares of Garmin during the third quarter worth $20,240,000. 81.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRMN. Bank of America reaffirmed an "underperform" rating on shares of Garmin in a research note on Monday, November 2nd. Morgan Stanley boosted their price objective on shares of Garmin from $289.00 to $295.00 and gave the company an "equal weight" rating in a report on Thursday, October 29th. Weiss Ratings raised shares of Garmin from a "buy (b)" rating to a "buy (b+)" rating in a research note on Wednesday, October 28th. KeyCorp reiterated a "sector weight" rating on shares of Garmin in a report on Thursday, October 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Garmin from $295.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus price target of $315.29.

Garmin Trading Up 0.1%

NYSE GRMN opened at $285.73 on Monday. The firm's 50 day simple moving average is $281.70 and its 200 day simple moving average is $255.40. The firm has a market capitalization of $55.06 billion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 2.83 and a beta of 0.90. Garmin Ltd. has a 1 year low of $186.67 and a 1 year 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. Garmin had a return on equity of 21.94% and a net margin of 25.58%. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the company earned $1.99 EPS. Garmin's revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities research analysts forecast that Garmin Ltd. will post 10.77 earnings per share for the current year.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 14.80% of the stock is currently owned by insiders.

About Garmin

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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