Penserra Capital Management LLC Has $5.54 Million Stock Position in Garmin Ltd. $GRMN

Penserra Capital Management LLC increased its stake in Garmin Ltd. (NYSE:GRMN) by 43.4% during the third quarter, Holdings Channel reports. The firm owned 22,496 shares of the scientific and technical instruments company’s stock after acquiring an additional 6,806 shares during the period. Penserra Capital Management LLC’s holdings in Garmin were worth $5,538,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Andra AP fonden lifted its stake in shares of Garmin by 87.2% in the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock valued at $13,984,000 after acquiring an additional 31,200 shares during the last quarter. First Horizon Advisors Inc. grew its position in Garmin by 4.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after acquiring an additional 4,943 shares during the last quarter. EFG Asset Management Americas Corp. increased its holdings in Garmin by 34.1% in the 2nd quarter. EFG Asset Management Americas Corp. now owns 10,455 shares of the scientific and technical instruments company’s stock worth $2,182,000 after purchasing an additional 2,659 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Garmin by 25.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,584 shares of the scientific and technical instruments company’s stock valued at $5,314,000 after purchasing an additional 4,437 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Garmin by 6.9% during the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after purchasing an additional 1,273,163 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $199.19 on Friday. Garmin Ltd. has a 52 week low of $169.26 and a 52 week high of $261.69. The firm’s fifty day moving average is $205.32 and its 200-day moving average is $221.41. The firm has a market cap of $38.31 billion, a P/E ratio of 24.53, a P/E/G ratio of 2.17 and a beta of 1.00.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GRMN shares. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a report on Friday, December 19th. Barclays upgraded shares of Garmin from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $208.00 to $217.00 in a research report on Friday, January 16th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target on the stock in a report on Wednesday, December 3rd. Finally, Morgan Stanley boosted their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Garmin currently has an average rating of “Moderate Buy” and a consensus price target of $244.40.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 10,431 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the transaction, the chief executive officer directly owned 135,180 shares in the company, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 16,594 shares of company stock worth $3,437,592. Company insiders own 15.38% of the company’s stock.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.