Garmin Ltd. (NYSE:GRMN) Shares Purchased by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. boosted its position in shares of Garmin Ltd. (NYSE:GRMN) by 0.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 6,686 shares of the scientific and technical instruments company’s stock after acquiring an additional 61 shares during the period. Sumitomo Life Insurance Co.’s holdings in Garmin were worth $1,177,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of Garmin by 136.7% during the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after purchasing an additional 411,084 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Garmin during the 2nd quarter worth about $45,999,000. Marshall Wace LLP lifted its holdings in Garmin by 34.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after buying an additional 278,990 shares during the last quarter. M&G Plc acquired a new position in shares of Garmin during the 1st quarter worth about $38,727,000. Finally, Wedge Capital Management L L P NC purchased a new position in shares of Garmin in the 3rd quarter valued at about $45,501,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $181.00 to $133.00 in a report on Friday, September 13th. Tigress Financial boosted their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. 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. Finally, StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Garmin has a consensus rating of “Hold” and an average target price of $158.50.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock valued at $2,296,174 in the last ninety days. Insiders own 19.54% of the company’s stock.

Garmin Price Performance

GRMN stock opened at $167.10 on Thursday. The company has a market cap of $32.10 billion, a price-to-earnings ratio of 23.57, a price-to-earnings-growth ratio of 2.85 and a beta of 0.99. The company has a fifty day moving average price of $174.04 and a 200 day moving average price of $165.46. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the company earned $1.45 earnings per share. The business’s revenue was up 14.3% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 6.08 earnings per share 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.