KBC Group NV lessened its position in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 79.8% in the 4th quarter, HoldingsChannel reports. The fund owned 41,175 shares of the scientific and technical instruments company’s stock after selling 162,538 shares during the period. KBC Group NV’s holdings in Garmin were worth $8,493,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC increased its position in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after purchasing an additional 1,093,219 shares in the last quarter. Montrusco Bolton Investments Inc. acquired a new stake in Garmin in the third quarter worth about $53,252,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock worth $50,570,000 after acquiring an additional 270,186 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Garmin by 123.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock valued at $85,600,000 after purchasing an additional 268,996 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in Garmin in the 3rd quarter worth approximately $45,501,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.
Insider Transactions at Garmin
In related news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.
Garmin Trading Down 1.6 %
Garmin (NYSE:GRMN – Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s revenue was up 24.1% on a year-over-year basis. During the same quarter last year, the business earned $1.41 earnings per share. On average, equities research analysts forecast that Garmin Ltd. will post 7.01 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on GRMN shares. Barclays upped their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Tigress Financial raised their target price on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $171.00.
View Our Latest Stock Analysis on Garmin
Garmin 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.
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