Advisors Asset Management Inc. Reduces Stake in Garmin Ltd. (NYSE:GRMN)

Advisors Asset Management Inc. lowered its stake in Garmin Ltd. (NYSE:GRMNGet Rating) by 26.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,301 shares of the scientific and technical instruments company’s stock after selling 2,270 shares during the period. Advisors Asset Management Inc.’s holdings in Garmin were worth $619,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GRMN. Boston Partners purchased a new position in Garmin in the first quarter worth about $205,920,000. BlackRock Inc. boosted its position in shares of Garmin by 8.2% during the first quarter. BlackRock Inc. now owns 14,264,641 shares of the scientific and technical instruments company’s stock valued at $1,691,932,000 after buying an additional 1,077,004 shares during the period. Renaissance Technologies LLC boosted its position in shares of Garmin by 195.2% during the first quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock valued at $117,073,000 after buying an additional 652,700 shares during the period. Vanguard Group Inc. boosted its position in shares of Garmin by 2.2% during the first quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after buying an additional 365,713 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Garmin by 24.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,889 shares of the scientific and technical instruments company’s stock valued at $122,629,000 after buying an additional 203,515 shares during the period. Hedge funds and other institutional investors own 62.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on GRMN shares. Bank of America lowered Garmin from a “buy” rating to a “neutral” rating and lowered their price target for the company from $137.00 to $109.00 in a report on Tuesday, August 2nd. TheStreet downgraded Garmin from a “b” rating to a “c+” rating in a research report on Wednesday, July 27th. StockNews.com began coverage on Garmin in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Morgan Stanley reduced their price target on Garmin from $96.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Monday, October 17th. Finally, Barclays assumed coverage on shares of Garmin in a report on Wednesday, November 9th. They set an “equal weight” rating and a $97.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $122.40.

Garmin Stock Up 0.3 %

GRMN stock opened at $91.03 on Friday. The company’s 50-day simple moving average is $83.96 and its 200-day simple moving average is $92.75. Garmin Ltd. has a 52-week low of $76.37 and a 52-week high of $145.31. The firm has a market cap of $17.45 billion, a P/E ratio of 18.24, a PEG ratio of 3.26 and a beta of 0.97.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 19,836 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $90.00, for a total transaction of $1,785,240.00. Following the completion of the transaction, the chief executive officer now owns 125,664 shares in the company, valued at approximately $11,309,760. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Garmin news, CEO Clifton A. Pemble sold 19,836 shares of the stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $90.00, for a total value of $1,785,240.00. Following the completion of the sale, the chief executive officer now owns 125,664 shares in the company, valued at approximately $11,309,760. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 9,550 shares of the stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $90.00, for a total transaction of $859,500.00. Following the completion of the sale, the chief executive officer now owns 135,950 shares of the company’s stock, valued at approximately $12,235,500. The disclosure for this sale can be found here. Insiders sold a total of 29,589 shares of company stock worth $2,662,269 in the last 90 days. Insiders own 20.34% of the company’s stock.

Garmin Company Profile

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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.

See Also

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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