Garmin Ltd. $GRMN Stock Bought by Hager Investment Management Services LLC

Hager Investment Management Services LLC increased its position in Garmin Ltd. (NYSE:GRMN) by 4,590.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,754 shares of the scientific and technical instruments company’s stock after purchasing an additional 6,610 shares during the quarter. Hager Investment Management Services LLC’s holdings in Garmin were worth $1,937,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Garmin by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock worth $378,540,000 after buying an additional 40,474 shares during the period. Bank of America Corp DE grew its stake in Garmin by 73.8% in the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock valued at $300,499,000 after acquiring an additional 549,954 shares during the period. Amundi grew its stake in Garmin by 82.5% in the first quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock valued at $236,027,000 after acquiring an additional 459,980 shares during the period. Swiss National Bank increased its holdings in shares of Garmin by 7.0% during the first quarter. Swiss National Bank now owns 479,800 shares of the scientific and technical instruments company’s stock valued at $111,318,000 after acquiring an additional 31,400 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Garmin by 9.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 474,058 shares of the scientific and technical instruments company’s stock valued at $135,979,000 after acquiring an additional 39,077 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Garmin Stock Performance

NYSE:GRMN opened at $285.73 on Monday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The stock has a fifty day moving average of $281.70 and a 200 day moving average of $255.40. The firm has a market capitalization of $55.06 billion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 2.83 and a beta of 0.90.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GRMN. Bank of America reaffirmed an “underperform” rating on shares of Garmin in a research report on Monday, November 2nd. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Garmin from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 28th. Barclays dropped their target price on Garmin from $297.00 to $277.00 and set an “equal weight” rating on the stock in a report on Thursday, October 29th. Finally, Morgan Stanley increased their price target on Garmin from $289.00 to $295.00 and gave the company an “equal weight” rating in a research report on Thursday, October 29th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $315.29.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the transaction, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 14.80% of the company’s stock.

Garmin Company Profile

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.