Investment Management Corp of Ontario Purchases 1,700 Shares of Garmin Ltd. (NYSE:GRMN)

Investment Management Corp of Ontario grew its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 50.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,069 shares of the scientific and technical instruments company’s stock after buying an additional 1,700 shares during the period. Investment Management Corp of Ontario’s holdings in Garmin were worth $892,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sumitomo Life Insurance Co. raised its stake in Garmin by 0.9% during the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after buying an additional 61 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in shares of Garmin by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after purchasing an additional 70 shares during the last quarter. UMB Bank n.a. boosted its stake in Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after purchasing an additional 74 shares in the last quarter. Buckingham Capital Management Inc. grew its position in Garmin by 0.7% during the 3rd quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock valued at $2,062,000 after purchasing an additional 80 shares during the last quarter. Finally, Brighton Jones LLC increased its stake in Garmin by 5.8% during the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock valued at $248,000 after purchasing an additional 83 shares in the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 19.54% of the stock is currently owned by company insiders.

Garmin Price Performance

NYSE GRMN opened at $218.51 on Friday. The stock has a market capitalization of $41.96 billion, a price-to-earnings ratio of 27.73, 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 $219.54. The business’s fifty day moving average price is $190.98 and its 200-day moving average price is $177.01.

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

Analyst Ratings Changes

GRMN has been the topic of a number of recent analyst reports. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Garmin presently 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.