Principal Financial Group Inc. Trims Stake in Garmin Ltd. (NYSE:GRMN)

Principal Financial Group Inc. lowered its stake in Garmin Ltd. (NYSE:GRMNGet Rating) by 2.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 216,094 shares of the scientific and technical instruments company’s stock after selling 6,424 shares during the period. Principal Financial Group Inc.’s holdings in Garmin were worth $29,426,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Jackson Wealth Management LLC lifted its stake in shares of Garmin by 1.1% during the 4th quarter. Jackson Wealth Management LLC now owns 24,572 shares of the scientific and technical instruments company’s stock worth $3,346,000 after purchasing an additional 258 shares during the period. AlphaCrest Capital Management LLC increased its holdings in Garmin by 260.8% in the 4th quarter. AlphaCrest Capital Management LLC now owns 34,108 shares of the scientific and technical instruments company’s stock valued at $4,644,000 after purchasing an additional 24,654 shares in the last quarter. Lazard Asset Management LLC increased its holdings in Garmin by 70.9% in the 4th quarter. Lazard Asset Management LLC now owns 5,290 shares of the scientific and technical instruments company’s stock valued at $719,000 after purchasing an additional 2,194 shares in the last quarter. Alps Advisors Inc. increased its holdings in Garmin by 26.1% in the 4th quarter. Alps Advisors Inc. now owns 17,883 shares of the scientific and technical instruments company’s stock valued at $2,435,000 after purchasing an additional 3,699 shares in the last quarter. Finally, UMB Bank N A MO acquired a new stake in Garmin in the 4th quarter valued at $480,000. 72.11% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GRMN stock opened at $101.36 on Friday. Garmin Ltd. has a one year low of $97.36 and a one year high of $178.80. The company’s 50-day simple moving average is $112.34 and its 200-day simple moving average is $124.49. The stock has a market capitalization of $19.58 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 2.96 and a beta of 1.01.

Garmin (NYSE:GRMNGet Rating) last issued its earnings results on Wednesday, April 27th. The scientific and technical instruments company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Garmin had a net margin of 21.12% and a return on equity of 18.67%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the company posted $1.18 earnings per share. Garmin’s revenue was up 9.4% on a year-over-year basis. On average, equities research analysts expect that Garmin Ltd. will post 5.91 earnings per share for the current fiscal year.

GRMN has been the subject of several recent research reports. Tigress Financial increased their price target on Garmin from $205.00 to $208.00 in a report on Friday, May 6th. Zacks Investment Research raised shares of Garmin from a “sell” rating to a “hold” rating and set a $115.00 price objective for the company in a research report on Monday, May 2nd. Bank of America raised shares of Garmin from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $165.00 to $140.00 in a research report on Friday, March 18th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Garmin from $160.00 to $150.00 in a research report on Thursday, April 28th. Finally, Morgan Stanley decreased their price objective on shares of Garmin from $141.00 to $127.00 and set an “equal weight” rating for the company in a research report on Thursday, February 17th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $148.00.

Garmin Company Profile (Get Rating)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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