Garmin Ltd. (NYSE:GRMN) Stake Lessened by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 47.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 687 shares of the scientific and technical instruments company’s stock after selling 629 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Garmin were worth $121,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of Garmin by 136.7% in the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares in the last quarter. Montrusco Bolton Investments Inc. bought a new stake in Garmin in the third quarter worth about $53,252,000. Renaissance Technologies LLC acquired a new stake in Garmin in the 2nd quarter valued at about $45,999,000. Marshall Wace LLP boosted its position in shares of Garmin by 34.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Garmin by 123.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock worth $85,600,000 after purchasing an additional 268,996 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Down 0.4 %

Shares of NYSE:GRMN opened at $212.09 on Thursday. The company’s fifty day moving average is $185.28 and its two-hundred day moving average is $174.89. The company has a market cap of $40.73 billion, a P/E ratio of 26.91, a price-to-earnings-growth ratio of 1.42 and a beta of 0.97. Garmin Ltd. has a 12-month low of $119.15 and a 12-month high of $216.44.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the firm earned $1.41 earnings per share. Garmin’s quarterly revenue was up 24.1% on a year-over-year basis. Equities research analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays increased their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Tigress Financial upped their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and an average target price of $162.67.

Insider Transactions at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Garmin Profile

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.