Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 82.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,684 shares of the scientific and technical instruments company's stock after purchasing an additional 41,771 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Garmin were worth $16,315,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Glenmede Trust Co. NA grew its holdings in shares of Garmin by 44.1% in the third quarter. Glenmede Trust Co. NA now owns 2,326 shares of the scientific and technical instruments company's stock valued at $409,000 after purchasing an additional 712 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Garmin by 74.9% in the third quarter. Townsquare Capital LLC now owns 2,700 shares of the scientific and technical instruments company's stock worth $475,000 after acquiring an additional 1,156 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Garmin during the third quarter worth $200,000. D.A. Davidson & CO. raised its stake in shares of Garmin by 3.2% in the third quarter. D.A. Davidson & CO. now owns 29,275 shares of the scientific and technical instruments company's stock valued at $5,153,000 after acquiring an additional 916 shares in the last quarter. Finally, FMR LLC boosted its holdings in Garmin by 40.8% in the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company's stock valued at $664,540,000 after purchasing an additional 1,093,219 shares during the period. Institutional investors and hedge funds own 73.41% of the company's stock.
GRMN has been the topic of a number of analyst reports. StockNews.com lowered Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Morgan Stanley cut shares of Garmin from an "equal weight" rating to an "underweight" rating and reduced their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial boosted their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Thursday, September 19th. Finally, Barclays raised their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a report on Friday, November 1st. Three investment 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. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $162.67.
Read Our Latest Stock Report on GRMN
In other Garmin news, Director Sean Biddlecombe sold 587 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The stock was 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 owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 19.54% of the company's stock.
Shares of NYSE:GRMN opened at $212.60 on Friday. The firm has a 50 day simple moving average of $186.92 and a 200-day simple moving average of $175.49. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $216.44. The company has a market capitalization of $40.82 billion, a PE ratio of 26.98, a P/E/G ratio of 1.40 and a beta of 0.97.
Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. Garmin's quarterly revenue was up 24.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. As a group, equities research analysts predict that Garmin Ltd. will post 7.01 EPS for the current fiscal year.
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.
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