Summit Global Investments bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,137 shares of the scientific and technical instruments company's stock, valued at approximately $681,000.
Several other hedge funds have also modified their holdings of the stock. Brighton Jones LLC raised its stake in Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock valued at $401,000 after buying an additional 463 shares in the last quarter. Blue Trust Inc. lifted its stake in Garmin by 64.6% in the fourth quarter. Blue Trust Inc. now owns 2,171 shares of the scientific and technical instruments company's stock valued at $448,000 after buying an additional 852 shares during the last quarter. Perigon Wealth Management LLC grew its position in shares of Garmin by 9.8% during the fourth quarter. Perigon Wealth Management LLC now owns 1,856 shares of the scientific and technical instruments company's stock worth $398,000 after acquiring an additional 166 shares during the last quarter. Forsta AP Fonden grew its position in Garmin by 12.1% during the 4th quarter. Forsta AP Fonden now owns 32,400 shares of the scientific and technical instruments company's stock worth $6,683,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Caprock Group LLC acquired a new stake in shares of Garmin during the fourth quarter worth about $348,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have weighed in on GRMN shares. Tigress Financial lifted their target price on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research note on Wednesday, February 26th. Barclays reduced their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley lifted their price target on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $206.00.
View Our Latest Analysis on Garmin
Garmin Price Performance
NYSE:GRMN traded up $1.68 during trading hours on Tuesday, reaching $204.63. 776,301 shares of the company traded hands, compared to its average volume of 882,779. Garmin Ltd. has a 1-year low of $158.38 and a 1-year high of $246.50. The stock has a market cap of $39.40 billion, a P/E ratio of 27.99, a P/E/G ratio of 1.36 and a beta of 0.99. The firm's 50-day moving average is $196.25 and its 200-day moving average is $208.12.
Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 EPS. As a group, research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.
Insider Buying and Selling at Garmin
In other Garmin news, VP Susan Lyman sold 2,829 shares of the business's stock in a transaction dated Monday, March 10th. The stock was 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 of the company's stock, valued at approximately $1,817,180.32. The trade was a 25.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.38% of the stock is owned by company insiders.
Garmin 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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