Garmin Ltd. $GRMN Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 25.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 21,584 shares of the scientific and technical instruments company’s stock after buying an additional 4,437 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Garmin were worth $5,314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. Quaker Wealth Management LLC grew its position in Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 264 shares in the last quarter. Richardson Financial Services Inc. lifted its position in shares of Garmin by 62.2% during the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 51 shares in the last quarter. Tradewinds Capital Management LLC purchased a new position in shares of Garmin in the third quarter valued at approximately $44,000. Newbridge Financial Services Group Inc. grew its holdings in shares of Garmin by 96.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the scientific and technical instruments company’s stock valued at $52,000 after purchasing an additional 123 shares in the last quarter. Finally, SJS Investment Consulting Inc. increased its stake in Garmin by 1,530.8% during the 3rd quarter. SJS Investment Consulting Inc. now owns 212 shares of the scientific and technical instruments company’s stock worth $52,000 after buying an additional 199 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. Barclays upgraded Garmin from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $208.00 to $217.00 in a report on Friday, January 16th. Longbow Research upgraded 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 increased their price target on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.40.

Garmin Stock Down 1.5%

Shares of GRMN opened at $201.48 on Monday. The company has a market capitalization of $38.75 billion, a price-to-earnings ratio of 24.81, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. Garmin Ltd. has a 52-week low of $169.26 and a 52-week high of $261.69. The stock has a 50 day moving average price of $204.58 and a 200 day moving average price of $222.00.

Insider Activity

In related news, CEO Clifton A. Pemble sold 10,431 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the sale, the chief executive officer directly owned 135,180 shares of the company’s stock, valued at $27,878,171.40. The trade was a 7.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 2,485 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total value 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. The trade was a 7.91% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 16,594 shares of company stock worth $3,437,592. Corporate insiders own 19.54% of the company’s stock.

Garmin Company 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.