Allspring Global Investments Holdings LLC Boosts Position in Garmin Ltd. (NYSE:GRMN)

Allspring Global Investments Holdings LLC increased its holdings in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 55.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,596 shares of the scientific and technical instruments company’s stock after purchasing an additional 6,950 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Garmin were worth $1,573,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in GRMN. Federated Hermes Inc. purchased a new stake in Garmin during the second quarter worth approximately $29,000. Clear Street Markets LLC lifted its stake in Garmin by 403.2% during the second quarter. Clear Street Markets LLC now owns 317 shares of the scientific and technical instruments company’s stock worth $31,000 after purchasing an additional 254 shares during the last quarter. Rise Advisors LLC lifted its stake in Garmin by 4,250.0% during the third quarter. Rise Advisors LLC now owns 435 shares of the scientific and technical instruments company’s stock worth $35,000 after purchasing an additional 425 shares during the last quarter. Trust Co. of Vermont purchased a new stake in Garmin during the second quarter worth approximately $49,000. Finally, Bogart Wealth LLC lifted its stake in Garmin by 10,020.0% during the second quarter. Bogart Wealth LLC now owns 506 shares of the scientific and technical instruments company’s stock worth $50,000 after purchasing an additional 501 shares during the last quarter. Hedge funds and other institutional investors own 63.29% of the company’s stock.

Insider Activity

In other news, Director Matthew Munn sold 1,797 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $92.96, for a total value of $167,049.12. Following the transaction, the director now owns 11,340 shares of the company’s stock, valued at $1,054,166.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Clifton A. Pemble sold 19,836 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $11,309,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Munn sold 1,797 shares of the company’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $92.96, for a total value of $167,049.12. Following the transaction, the director now directly owns 11,340 shares in the company, valued at approximately $1,054,166.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,836 shares of company stock valued at $1,969,818. Company insiders own 20.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on GRMN shares. Barclays started coverage on Garmin in a research report on Wednesday, November 9th. They set an “equal weight” rating and a $97.00 price target on the stock. Morgan Stanley cut 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, StockNews.com started coverage on Garmin in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $122.40.

Garmin Trading Up 1.6 %

NYSE:GRMN opened at $96.85 on Friday. The firm has a market cap of $18.56 billion, a P/E ratio of 19.41, a PEG ratio of 3.34 and a beta of 0.94. The stock’s 50 day simple moving average is $93.67 and its 200-day simple moving average is $90.71. Garmin Ltd. has a 12-month low of $76.37 and a 12-month high of $129.07.

Garmin (NYSE:GRMN – Get Rating) last released its earnings results on Wednesday, October 26th. The scientific and technical instruments company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.14. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.18 billion. Garmin had a return on equity of 17.13% and a net margin of 19.54%. Research analysts forecast that Garmin Ltd. will post 4.95 EPS for the current fiscal year.

Garmin Company Profile

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.