Rhumbline Advisers grew its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 7.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 333,558 shares of the scientific and technical instruments company's stock after purchasing an additional 22,678 shares during the period. Rhumbline Advisers owned approximately 0.17% of Garmin worth $72,425,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after purchasing an additional 463 shares in the last quarter. Caprock Group LLC acquired a new position in Garmin during the fourth quarter worth $348,000. Chicago Partners Investment Group LLC bought a new position in shares of Garmin in the fourth quarter valued at $234,000. SYM FINANCIAL Corp acquired a new position in shares of Garmin during the fourth quarter valued at about $239,000. Finally, Greenleaf Trust increased its position in shares of Garmin by 3.0% during the fourth quarter. Greenleaf Trust now owns 3,897 shares of the scientific and technical instruments company's stock worth $804,000 after acquiring an additional 114 shares in the last quarter. Institutional investors own 81.60% of the company's stock.
Insider Transactions at Garmin
In related news, VP Susan Lyman sold 2,829 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now owns 8,432 shares in the company, valued at approximately $1,817,180.32. This trade represents a 25.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 15.38% of the company's stock.
Analysts Set New Price Targets
A number of research firms have issued reports on GRMN. Tigress Financial lifted their price target on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. Morgan Stanley lifted their target price on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. lowered their price target on Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Finally, Barclays cut their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $206.00.
Check Out Our Latest Research Report on GRMN
Garmin Price Performance
Shares of NYSE GRMN traded up $0.37 during midday trading on Thursday, reaching $205.32. The company's stock had a trading volume of 581,524 shares, compared to its average volume of 882,494. The stock has a market capitalization of $39.53 billion, a P/E ratio of 28.09, a PEG ratio of 1.36 and a beta of 0.99. The firm has a 50 day moving average price of $195.84 and a 200-day moving average price of $208.07. Garmin Ltd. has a 12-month low of $158.38 and a 12-month high of $246.50.
Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business's revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.42 earnings per share. On average, equities analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.
Garmin Company Profile
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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.
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