Principal Financial Group Inc. Sells 17,349 Shares of Garmin Ltd. (NYSE:GRMN)

Principal Financial Group Inc. decreased its holdings in shares of Garmin Ltd. (NYSE:GRMNGet Rating) by 8.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 195,203 shares of the scientific and technical instruments company’s stock after selling 17,349 shares during the period. Principal Financial Group Inc.’s holdings in Garmin were worth $19,178,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in 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. BlackRock Inc. lifted its stake in 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 worth $1,691,932,000 after purchasing an additional 1,077,004 shares during the last quarter. Pictet Asset Management SA lifted its stake in Garmin by 4.9% during the second quarter. Pictet Asset Management SA now owns 2,302,545 shares of the scientific and technical instruments company’s stock worth $226,225,000 after purchasing an additional 108,086 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Garmin by 2.3% during the first quarter. JPMorgan Chase & Co. now owns 2,109,697 shares of the scientific and technical instruments company’s stock worth $250,231,000 after purchasing an additional 47,193 shares during the last quarter. Finally, Boston Partners bought a new stake in Garmin during the first quarter worth about $205,920,000. Institutional investors own 62.50% of the company’s stock.

Insider Activity at Garmin

In related news, CEO Clifton A. Pemble sold 9,550 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total transaction of $859,500.00. Following the transaction, the chief executive officer now owns 135,950 shares in the company, valued at approximately $12,235,500. The sale was disclosed in a document filed 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 company’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $90.00, for a total transaction of $1,785,240.00. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 9,550 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total value of $859,500.00. Following the transaction, the chief executive officer now owns 135,950 shares in the company, valued at approximately $12,235,500. The disclosure for this sale can be found here. Insiders have sold a total of 29,589 shares of company stock worth $2,662,269 in the last 90 days. Company insiders own 20.34% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $90.45 on Tuesday. Garmin Ltd. has a 1 year low of $76.37 and a 1 year high of $144.52. The company has a market cap of $17.34 billion, a PE ratio of 18.13, a P/E/G ratio of 3.28 and a beta of 0.97. The stock’s 50-day moving average is $84.11 and its 200 day moving average is $92.53.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GRMN shares. Tigress Financial dropped their price target on Garmin from $208.00 to $165.00 and set a “strong-buy” rating for the company in a research note on Friday, August 5th. StockNews.com started coverage on Garmin in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Morgan Stanley dropped their price target on Garmin from $96.00 to $91.00 and set an “equal weight” rating for the company in a research note on Monday, October 17th. Barclays began coverage on Garmin in a research note on Wednesday, November 9th. They issued an “equal weight” rating and a $97.00 target price for the company. Finally, Bank of America lowered Garmin from a “buy” rating to a “neutral” rating and lowered their target price for the company from $137.00 to $109.00 in a research note on Tuesday, August 2nd. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Garmin has a consensus rating of “Moderate Buy” and a consensus price target of $122.40.

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.

Further Reading

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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