Assenagon Asset Management S.A. boosted its stake in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 1,009.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 211,849 shares of the scientific and technical instruments company’s stock after acquiring an additional 192,755 shares during the period. Assenagon Asset Management S.A. owned about 0.11% of Garmin worth $22,094,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its position in shares of Garmin by 188.6% in the first quarter. First Trust Advisors LP now owns 2,845,819 shares of the scientific and technical instruments company’s stock valued at $287,200,000 after buying an additional 1,859,776 shares during the last quarter. Norges Bank acquired a new stake in shares of Garmin in the fourth quarter valued at about $144,641,000. Select Equity Group L.P. raised its position in shares of Garmin by 108.1% in the first quarter. Select Equity Group L.P. now owns 1,868,540 shares of the scientific and technical instruments company’s stock valued at $188,573,000 after buying an additional 970,527 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Garmin by 195.2% in the first quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock valued at $117,073,000 after buying an additional 652,700 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Garmin by 2.2% in the first quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after buying an additional 365,713 shares during the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of Garmin in a research report on Thursday. They issued a “hold” rating for the company. Tigress Financial reissued a “strong-buy” rating and issued a $165.00 price objective on shares of Garmin in a report on Thursday, August 10th. Barclays upped their price objective on shares of Garmin from $106.00 to $113.00 and gave the company an “equal weight” rating in a report on Thursday, August 3rd. Morgan Stanley dropped their price objective on shares of Garmin from $104.00 to $103.00 and set an “equal weight” rating for the company in a report on Thursday, August 3rd. Finally, Bank of America upped their price objective on shares of Garmin from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, August 8th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.20.
Insiders Place Their Bets
In other Garmin news, insider Cheng-Wei Wang sold 4,794 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $105.62, for a total transaction of $506,342.28. Following the completion of the transaction, the insider now owns 44,808 shares of the company’s stock, valued at $4,732,620.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Sean Biddlecombe sold 857 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $106.02, for a total value of $90,859.14. Following the sale, the director now owns 4,834 shares of the company’s stock, valued at $512,500.68. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Cheng-Wei Wang sold 4,794 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $105.62, for a total transaction of $506,342.28. Following the completion of the sale, the insider now directly owns 44,808 shares in the company, valued at approximately $4,732,620.96. The disclosure for this sale can be found here. 19.89% of the stock is currently owned by insiders.
Garmin Price Performance
Shares of GRMN stock opened at $106.13 on Friday. The firm has a market cap of $20.32 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 3.67 and a beta of 0.90. The company has a 50-day moving average of $104.69 and a two-hundred day moving average of $103.57. Garmin Ltd. has a 1-year low of $76.37 and a 1-year high of $108.56.
Garmin (NYSE:GRMN – Get Free Report) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.26 billion. Garmin had a net margin of 20.23% and a return on equity of 15.81%. Garmin’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.44 earnings per share. Sell-side analysts anticipate that Garmin Ltd. will post 5.16 EPS for the current fiscal year.
Garmin Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; fitness and cycling accessories.