38,467 Garmin Ltd. $GRMN Shares Acquired by M&G PLC

M&G PLC raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 11.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 372,500 shares of the scientific and technical instruments company’s stock after purchasing an additional 38,467 shares during the period. M&G PLC’s holdings in Garmin were worth $106,908,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GRMN. Arrowstreet Capital Limited Partnership grew its position in shares of Garmin by 121.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 107,929 shares of the scientific and technical instruments company’s stock worth $25,041,000 after purchasing an additional 59,229 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Garmin in the second quarter valued at $1,447,000. Quantinno Capital Management LP lifted its stake in Garmin by 51.2% in the first quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company’s stock worth $81,491,000 after purchasing an additional 119,011 shares during the last quarter. Engineers Gate Manager LP increased its stake in Garmin by 198.8% in the second quarter. Engineers Gate Manager LP now owns 7,452 shares of the scientific and technical instruments company’s stock worth $1,770,000 after purchasing an additional 4,958 shares during the period. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in Garmin in the 2nd quarter valued at about $1,237,000. 81.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction dated 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 transaction, the insider directly owned 29,506 shares of the company’s stock, valued at $8,832,916.16. The trade was a 25.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 14.80% of the stock is owned by company insiders.

Garmin Stock Up 2.4%

Garmin stock opened at $292.40 on Tuesday. The firm has a market capitalization of $56.35 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.86 and a beta of 0.90. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The company has a fifty day simple moving average of $281.84 and a 200-day simple moving average of $255.84.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.38. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same period last year, the company posted $1.99 EPS. The business’s revenue was up 12.2% on a year-over-year basis. On average, research analysts anticipate that Garmin Ltd. will post 10.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Arete Research began coverage on Garmin in a research note on Wednesday, October 14th. They set a “buy” rating and a $335.00 price target on the stock. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. UBS Group set a $370.00 price target on shares of Garmin in a report on Thursday, August 6th. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $295.00 to $310.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. One 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $315.29.

Garmin Company Profile

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology.

Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.

Garmin is incorporated in Switzerland and has its operational headquarters in Olathe, Kansas.