Qube Research & Technologies Ltd increased its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 166.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,249 shares of the scientific and technical instruments company’s stock after acquiring an additional 12,649 shares during the quarter. Qube Research & Technologies Ltd’s holdings in Garmin were worth $2,929,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. CWA Asset Management Group LLC raised its stake in Garmin by 5.0% during the 2nd quarter. CWA Asset Management Group LLC now owns 110,144 shares of the scientific and technical instruments company’s stock worth $16,091,000 after acquiring an additional 5,267 shares in the last quarter. FIL Ltd raised its stake in Garmin by 275.4% during the 1st quarter. FIL Ltd now owns 19,808 shares of the scientific and technical instruments company’s stock worth $2,612,000 after acquiring an additional 14,532 shares in the last quarter. Wealthfront Advisers LLC raised its stake in Garmin by 34.7% during the 1st quarter. Wealthfront Advisers LLC now owns 8,567 shares of the scientific and technical instruments company’s stock worth $1,130,000 after acquiring an additional 2,205 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in Garmin during the 2nd quarter worth $10,776,000. Finally, Natixis Advisors L.P. increased its stake in Garmin by 23.4% in the second quarter. Natixis Advisors L.P. now owns 34,978 shares of the scientific and technical instruments company’s stock valued at $5,059,000 after purchasing an additional 6,635 shares during the period. Hedge funds and other institutional investors own 51.64% of the company’s stock.
Shares of NASDAQ:GRMN opened at $154.77 on Thursday. The company has a market cap of $29.77 billion, a price-to-earnings ratio of 25.21, a PEG ratio of 4.53 and a beta of 0.99. The firm’s 50-day simple moving average is $166.80 and its 200-day simple moving average is $151.34. Garmin Ltd. has a fifty-two week low of $97.35 and a fifty-two week high of $178.80.
A number of research firms have commented on GRMN. Bank of America lowered shares of Garmin from a “buy” rating to a “neutral” rating and set a $155.00 price objective on the stock. in a research note on Tuesday, June 22nd. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating and set a $163.00 price objective on the stock. in a research note on Tuesday, October 5th. Morgan Stanley lifted their price objective on shares of Garmin from $138.00 to $147.00 and gave the company an “equal weight” rating in a research note on Thursday, July 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Garmin from $140.00 to $155.00 and gave the company a “hold” rating in a research note on Thursday, July 29th. Finally, Tigress Financial reaffirmed a “strong-buy” rating and issued a $198.00 target price (up previously from $174.00) on shares of Garmin in a report on Wednesday, August 4th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Garmin currently has a consensus rating of “Buy” and an average price target of $155.86.
In other Garmin news, Director Sean Biddlecombe sold 405 shares of Garmin stock in a transaction dated Wednesday, August 4th. The shares were sold at an average price of $161.14, for a total transaction of $65,261.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 2,333 shares of Garmin stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $165.00, for a total transaction of $384,945.00. The disclosure for this sale can be found here. 21.39% of the stock is currently owned by insiders.
Garmin Company Profile
Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.
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