Royal London Asset Management Ltd. Purchases 1,243 Shares of Garmin Ltd. (NYSE:GRMN)

Royal London Asset Management Ltd. grew its position in Garmin Ltd. (NYSE:GRMN) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 69,565 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,243 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Garmin were worth $12,246,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Citigroup Inc. boosted its stake in shares of Garmin by 123.2% in the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after purchasing an additional 156,441 shares during the last quarter. Algert Global LLC bought a new stake in shares of Garmin in the 2nd quarter valued at $508,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Garmin in the 3rd quarter valued at $695,000. Trajan Wealth LLC boosted its stake in shares of Garmin by 9.1% in the 3rd quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock valued at $14,498,000 after purchasing an additional 6,878 shares during the last quarter. Finally, National Pension Service boosted its stake in shares of Garmin by 25.7% in the 3rd quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock valued at $50,004,000 after purchasing an additional 58,025 shares during the last quarter. 73.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 19.54% of the company’s stock.

Garmin Trading Up 0.9 %

GRMN opened at $218.58 on Friday. The company’s fifty day moving average price is $190.98 and its two-hundred day moving average price is $177.05. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $219.54. The company has a market cap of $41.97 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.42 and a beta of 0.97.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GRMN. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays boosted their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Finally, Tigress Financial boosted their target price on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Three 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 company’s stock. According to data from MarketBeat.com, Garmin has an average rating of “Hold” and an average price target of $162.67.

About Garmin

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.