QRG Capital Management Inc. Raises Position in Garmin Ltd. (NYSE:GRMN)

QRG Capital Management Inc. boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 5.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 66,293 shares of the scientific and technical instruments company’s stock after buying an additional 3,713 shares during the period. QRG Capital Management Inc.’s holdings in Garmin were worth $11,670,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in shares of Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock valued at $115,177,000 after buying an additional 411,084 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Garmin during the second quarter valued at approximately $45,999,000. Marshall Wace LLP raised its stake in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Garmin by 123.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock worth $85,600,000 after purchasing an additional 268,996 shares in the last quarter. Finally, M&G Plc purchased a new position in shares of Garmin in the first quarter valued at $38,727,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insiders Place Their Bets

In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,892 shares of company stock worth $2,296,174. Insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of GRMN opened at $200.24 on Tuesday. The stock has a market capitalization of $38.45 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 3.03 and a beta of 0.97. The business’s fifty day moving average price is $174.63 and its 200 day moving average price is $168.41. Garmin Ltd. has a 12-month low of $114.49 and a 12-month high of $207.22.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.41 EPS. As a group, research analysts anticipate that Garmin Ltd. will post 6.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on GRMN. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Barclays raised their price target on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat, Garmin currently has an average rating of “Hold” and a consensus price target of $162.67.

Garmin Company Profile

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.