Swiss National Bank Trims Stake in Garmin Ltd. (GRMN)

Swiss National Bank cut its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 2.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 453,848 shares of the scientific and technical instruments company’s stock after selling 10,900 shares during the quarter. Swiss National Bank owned 229,123.59% of Garmin worth $24,494,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WFG Advisors LP boosted its stake in shares of Garmin by 11.5% during the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after acquiring an additional 225 shares in the last quarter. US Bancorp DE boosted its stake in shares of Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after acquiring an additional 180 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Garmin by 72.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after acquiring an additional 1,568 shares in the last quarter. Profund Advisors LLC bought a new stake in shares of Garmin during the 2nd quarter worth $202,000. Finally, Bank of Hawaii bought a new stake in shares of Garmin during the 3rd quarter worth $206,000. 38.01% of the stock is owned by institutional investors and hedge funds.

In related news, insider Clifton A. Pemble sold 4,066 shares of the stock in a transaction on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $223,630.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew R. Etkind sold 1,724 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $52.50, for a total value of $90,510.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,551,148 shares of company stock valued at $86,920,736. 18.30% of the stock is owned by corporate insiders.

Several equities research analysts have recently weighed in on GRMN shares. Morgan Stanley set a $50.00 price objective on Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. KeyCorp reissued a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Finally, Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Thursday, November 2nd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $56.33.

Shares of Garmin Ltd. (NASDAQ:GRMN) opened at $61.45 on Friday. The company has a market capitalization of $12,030.00, a price-to-earnings ratio of 21.09, a PEG ratio of 2.51 and a beta of 0.80. Garmin Ltd. has a 12-month low of $47.03 and a 12-month high of $61.75.

Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The business had revenue of $743.00 million during the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. Garmin’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 earnings per share. equities research analysts predict that Garmin Ltd. will post 2.9 earnings per share for the current fiscal year.

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Garmin Profile

Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.

Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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