Garmin Ltd. $GRMN Stock: M&G PLC Grows Position

M&G PLC increased its stake in Garmin Ltd. (NYSE:GRMN) by 11.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 372,500 shares of the scientific and technical instruments company’s stock after acquiring an additional 38,467 shares during the period. M&G PLC owned about 0.19% of Garmin worth $106,908,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Green Alpha Advisors LLC increased its stake in Garmin by 0.7% in the 3rd quarter. Green Alpha Advisors LLC now owns 6,324 shares of the scientific and technical instruments company’s stock worth $1,814,000 after purchasing an additional 43 shares during the period. Quadrant Capital Group LLC lifted its position in Garmin by 0.9% in the third quarter. Quadrant Capital Group LLC now owns 4,919 shares of the scientific and technical instruments company’s stock valued at $1,360,000 after purchasing an additional 43 shares during the last quarter. Yousif Capital Management LLC boosted its stake in shares of Garmin by 0.3% during the third quarter. Yousif Capital Management LLC now owns 15,863 shares of the scientific and technical instruments company’s stock valued at $4,550,000 after purchasing an additional 43 shares during the period. Frank Rimerman Advisors LLC boosted its stake in shares of Garmin by 0.8% during the third quarter. Frank Rimerman Advisors LLC now owns 6,240 shares of the scientific and technical instruments company’s stock valued at $1,790,000 after purchasing an additional 49 shares during the period. Finally, Plan A Wealth LLC boosted its stake in shares of Garmin by 4.3% during the third quarter. Plan A Wealth LLC now owns 1,214 shares of the scientific and technical instruments company’s stock valued at $348,000 after purchasing an additional 50 shares during the period. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares in the company, valued at $8,832,916.16. The trade was a 25.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 14.80% of the company’s stock.

Garmin Price Performance

GRMN stock opened at $292.40 on Tuesday. The stock has a market capitalization of $56.35 billion, a P/E ratio of 28.06, a P/E/G ratio of 2.86 and a beta of 0.90. The business has a fifty day moving average price of $281.84 and a 200-day moving average price of $255.84. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $314.28.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.38. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter last year, the firm posted $1.99 EPS. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 10.77 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GRMN. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Barclays dropped their price target on shares of Garmin from $297.00 to $277.00 and set an “equal weight” rating for the company in a research report on Thursday, October 29th. Arete Research initiated coverage on Garmin in a research note on Wednesday, October 14th. They issued a “buy” rating and a $335.00 price target for the company. Finally, UBS Group set a $370.00 price objective on Garmin in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $315.29.

About Garmin

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology.

Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.

Garmin is incorporated in Switzerland and has its operational headquarters in Olathe, Kansas.