Garmin Ltd. (NYSE:GRMN) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP raised its position in Garmin Ltd. (NYSE:GRMN) by 10.0% during the fourth quarter, HoldingsChannel reports. The firm owned 18,281 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,669 shares during the period. Wellington Management Group LLP’s holdings in Garmin were worth $3,771,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new stake in Garmin in the 4th quarter valued at about $26,000. Aster Capital Management DIFC Ltd grew its position in shares of Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 121 shares in the last quarter. SOA Wealth Advisors LLC. acquired a new position in Garmin in the fourth quarter valued at approximately $37,000. Kentucky Trust Co acquired a new position in Garmin in the fourth quarter valued at approximately $41,000. Finally, Venturi Wealth Management LLC boosted its holdings in Garmin by 67.7% in the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company’s stock valued at $43,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insiders Place Their Bets

In other Garmin news, VP Susan Lyman sold 2,829 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. This represents a 25.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.38% of the company’s stock.

Garmin Stock Up 0.2%

Shares of Garmin stock opened at $205.00 on Thursday. Garmin Ltd. has a fifty-two week low of $158.38 and a fifty-two week high of $246.50. The firm has a market cap of $39.47 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99. The business has a fifty day simple moving average of $195.84 and a 200-day simple moving average of $208.07.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 earnings per share. Analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GRMN shares. Barclays decreased their price objective on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a report on Wednesday, April 30th. Morgan Stanley increased their price objective on Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. dropped their price target on Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Finally, Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $206.00.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.