Raiffeisen Bank International AG Decreases Stock Holdings in Garmin Ltd. $GRMN

Raiffeisen Bank International AG cut its holdings in Garmin Ltd. (NYSE:GRMN) by 37.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,326 shares of the scientific and technical instruments company’s stock after selling 3,773 shares during the quarter. Raiffeisen Bank International AG’s holdings in Garmin were worth $1,479,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of GRMN. GSA Capital Partners LLP purchased a new position in shares of Garmin in the 4th quarter worth approximately $979,000. Arrowstreet Capital Limited Partnership raised its holdings in Garmin by 121.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 107,929 shares of the scientific and technical instruments company’s stock valued at $25,041,000 after buying an additional 59,229 shares during the period. Plato Investment Management Ltd purchased a new stake in Garmin during the 2nd quarter valued at $1,447,000. Commerzbank Aktiengesellschaft FI lifted its position in Garmin by 282.5% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 6,518 shares of the scientific and technical instruments company’s stock worth $1,322,000 after buying an additional 4,814 shares during the last quarter. Finally, Generali Asset Management SPA SGR lifted its position in Garmin by 8,727.4% in the fourth quarter. Generali Asset Management SPA SGR now owns 9,357 shares of the scientific and technical instruments company’s stock worth $1,898,000 after buying an additional 9,251 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Insider Activity at Garmin

In other Garmin news, VP Joshua Maxfield sold 1,152 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $291.13, for a total value of $335,381.76. Following the completion of the transaction, the vice president owned 15,042 shares in the company, valued at approximately $4,379,177.46. This represents a 7.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph Hartnett sold 643 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at $5,607,978.89. This trade represents a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,751 shares of company stock valued at $4,978,275 in the last 90 days. 14.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on GRMN shares. KeyCorp reiterated a “sector weight” rating on shares of Garmin in a research report on Wednesday. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Morgan Stanley lifted their price target on shares of Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Barclays upped their price target on shares of Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Finally, Zacks Research raised shares of Garmin from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.17.

Garmin Stock Performance

Garmin stock opened at $276.90 on Friday. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $314.28. The company has a market capitalization of $53.40 billion, a PE ratio of 28.55, a P/E/G ratio of 3.10 and a beta of 0.85. The company has a 50 day moving average price of $272.72 and a 200-day moving average price of $252.76.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the firm earned $2.17 earnings per share. The company’s quarterly revenue was up 11.4% on a year-over-year basis. On average, analysts forecast that Garmin Ltd. will post 10.08 earnings per share for the current year.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.