Daiwa Securities Group Inc. Grows Holdings in Garmin Ltd. (NYSE:GRMN)

Daiwa Securities Group Inc. boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 12.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,877 shares of the scientific and technical instruments company’s stock after acquiring an additional 2,114 shares during the period. Daiwa Securities Group Inc.’s holdings in Garmin were worth $3,323,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. California State Teachers Retirement System raised its position in shares of Garmin by 1.3% in the 1st quarter. California State Teachers Retirement System now owns 252,252 shares of the scientific and technical instruments company’s stock worth $37,553,000 after purchasing an additional 3,317 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Garmin by 7.2% in the 1st quarter. Tidal Investments LLC now owns 11,553 shares of the scientific and technical instruments company’s stock worth $1,719,000 after purchasing an additional 780 shares in the last quarter. LBP AM SA raised its position in Garmin by 81.4% in the 1st quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock worth $1,084,000 after buying an additional 3,268 shares during the last quarter. iA Global Asset Management Inc. lifted its position in Garmin by 328.3% during the first quarter. iA Global Asset Management Inc. now owns 9,894 shares of the scientific and technical instruments company’s stock valued at $1,473,000 after purchasing an additional 7,584 shares during the period. Finally, Swedbank AB purchased a new stake in Garmin in the first quarter worth approximately $13,670,000. Institutional investors own 73.41% of the company’s stock.

Analysts Set New Price Targets

GRMN has been the topic of several research analyst reports. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Tigress Financial boosted their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Garmin presently has an average rating of “Hold” and a consensus price target of $162.67.

Insider Buying and Selling

In other news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Garmin Stock Down 0.4 %

NYSE GRMN opened at $212.09 on Thursday. The stock’s 50-day moving average price is $185.28 and its 200-day moving average price is $174.89. The company has a market capitalization of $40.73 billion, a P/E ratio of 26.91, a price-to-earnings-growth ratio of 1.42 and a beta of 0.97. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.41 earnings per share. Research analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current year.

Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.