Bridgewater Associates LP Has $4.24 Million Stake in Garmin Ltd. (NYSE:GRMN)

Bridgewater Associates LP reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 75.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,079 shares of the scientific and technical instruments company’s stock after selling 76,002 shares during the period. Bridgewater Associates LP’s holdings in Garmin were worth $4,239,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Townsquare Capital LLC lifted its holdings in Garmin by 74.9% in the 3rd quarter. Townsquare Capital LLC now owns 2,700 shares of the scientific and technical instruments company’s stock worth $475,000 after purchasing an additional 1,156 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Garmin in the third quarter worth $200,000. D.A. Davidson & CO. boosted its holdings in shares of Garmin by 3.2% during the 3rd quarter. D.A. Davidson & CO. now owns 29,275 shares of the scientific and technical instruments company’s stock worth $5,153,000 after buying an additional 916 shares during the period. FMR LLC grew its stake in Garmin by 40.8% in the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after buying an additional 1,093,219 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd grew its stake in Garmin by 64.2% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 18,289 shares of the scientific and technical instruments company’s stock valued at $3,219,000 after buying an additional 7,154 shares during the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Buying and Selling

In related news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 19.54% of the company’s stock.

Garmin Trading Up 0.3 %

Shares of NYSE:GRMN opened at $212.78 on Friday. The business’s 50 day moving average is $186.92 and its 200-day moving average is $175.45. The firm has a market capitalization of $40.86 billion, a PE ratio of 27.00, a PEG ratio of 1.40 and a beta of 0.97. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $216.44.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, sell-side analysts predict that Garmin Ltd. will post 7.01 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GRMN shares. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial increased their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Barclays raised their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average 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.