CIBC Asset Management Inc reduced its position in Garmin Ltd. (NASDAQ:GRMN) by 8.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 11,143 shares of the scientific and technical instruments company’s stock after selling 1,083 shares during the period. CIBC Asset Management Inc’s holdings in Garmin were worth $962,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Garmin by 7.1% in the 4th quarter. BlackRock Inc. now owns 12,886,129 shares of the scientific and technical instruments company’s stock valued at $815,948,000 after purchasing an additional 852,593 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Garmin by 9.0% in the 3rd quarter. Vanguard Group Inc now owns 12,760,863 shares of the scientific and technical instruments company’s stock valued at $893,899,000 after purchasing an additional 1,057,737 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Garmin by 1.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,188,371 shares of the scientific and technical instruments company’s stock valued at $138,567,000 after purchasing an additional 22,158 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Garmin by 5,916.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,586,799 shares of the scientific and technical instruments company’s stock valued at $25,000 after purchasing an additional 1,560,423 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Garmin by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 1,452,073 shares of the scientific and technical instruments company’s stock valued at $125,386,000 after purchasing an additional 26,844 shares during the last quarter. 42.10% of the stock is owned by institutional investors and hedge funds.

Several research firms have recently weighed in on GRMN. BidaskClub downgraded Garmin from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 16th. Credit Suisse Group boosted their target price on Garmin from $58.00 to $71.00 and gave the company an “underperform” rating in a report on Monday, February 25th. Zacks Investment Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Morgan Stanley set a $81.00 price target on Garmin and gave the company a “hold” rating in a research report on Thursday, May 2nd. Finally, ValuEngine cut Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $79.39.

In related news, Director Sean Biddlecombe sold 1,500 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $83.51, for a total value of $125,265.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Patrick Desbois sold 1,749 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $86.00, for a total value of $150,414.00. The disclosure for this sale can be found here. Insiders own 17.85% of the company’s stock.

Shares of GRMN stock opened at $77.23 on Thursday. The stock has a market capitalization of $15.39 billion, a P/E ratio of 20.77, a P/E/G ratio of 2.82 and a beta of 0.90. Garmin Ltd. has a 52-week low of $59.39 and a 52-week high of $89.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 4.04.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The firm had revenue of $766.00 million for the quarter, compared to analysts’ expectations of $733.26 million. Garmin had a return on equity of 17.60% and a net margin of 20.72%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 EPS. As a group, equities research analysts forecast that Garmin Ltd. will post 3.75 EPS for the current fiscal year.

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Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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