Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Garmin Ltd. $GRMN

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Garmin Ltd. (NYSE:GRMN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 41,734 shares of the scientific and technical instruments company’s stock, valued at approximately $11,971,000.

Several other hedge funds have also recently bought and sold shares of GRMN. Elevation Wealth Partners LLC increased its position in shares of Garmin by 336.4% during the third quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 74 shares in the last quarter. Latitude Advisors LLC acquired a new stake in shares of Garmin during the third quarter worth $32,000. CoreCap Advisors LLC lifted its position in Garmin by 216.2% in the 3rd quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock valued at $34,000 after acquiring an additional 80 shares in the last quarter. Groupe la Francaise lifted its position in Garmin by 346.4% in the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock valued at $29,000 after acquiring an additional 97 shares in the last quarter. Finally, Ninety One UK Ltd bought a new stake in Garmin in the 3rd quarter valued at $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GRMN shares. Weiss Ratings upgraded Garmin from a “buy (b)” rating to a “buy (b+)” rating in a report on Wednesday, October 28th. Bank of America reissued an “underperform” rating on shares of Garmin in a research note on Monday. UBS Group set a $370.00 price target on Garmin in a report on Thursday, August 6th. Morgan Stanley upped their price objective on Garmin from $289.00 to $295.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Finally, Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and a consensus price target of $315.29.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the sale, the insider directly owned 29,506 shares of the company’s stock, valued at approximately $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 14.80% of the company’s stock.

Garmin Stock Down 1.0%

GRMN stock opened at $271.44 on Wednesday. The business has a 50 day moving average price of $281.80 and a two-hundred day moving average price of $254.22. The company has a market cap of $52.31 billion, a price-to-earnings ratio of 26.27, a P/E/G ratio of 2.85 and a beta of 0.90. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $314.28.

Garmin (NYSE:GRMN) last posted its quarterly earnings results 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. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Garmin had a return on equity of 21.94% and a net margin of 25.58%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.99 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 10.84 EPS for the current fiscal year.

About Garmin

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.