Garmin Ltd. $GRMN Stock Holdings Decreased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA decreased its stake in Garmin Ltd. (NYSE:GRMN) by 1.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 460,788 shares of the scientific and technical instruments company’s stock after selling 7,845 shares during the period. Pictet Asset Management Holding SA’s holdings in Garmin were worth $132,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Green Alpha Advisors LLC boosted its position in Garmin by 0.7% during the 3rd quarter. Green Alpha Advisors LLC now owns 6,324 shares of the scientific and technical instruments company’s stock valued at $1,814,000 after purchasing an additional 43 shares during the period. Quadrant Capital Group LLC increased its position in Garmin by 0.9% in the third quarter. Quadrant Capital Group LLC now owns 4,919 shares of the scientific and technical instruments company’s stock worth $1,360,000 after buying an additional 43 shares during the period. Yousif Capital Management LLC increased its position in Garmin by 0.3% in the third quarter. Yousif Capital Management LLC now owns 15,863 shares of the scientific and technical instruments company’s stock worth $4,550,000 after buying an additional 43 shares during the period. Frank Rimerman Advisors LLC lifted its stake in Garmin by 0.8% in the third quarter. Frank Rimerman Advisors LLC now owns 6,240 shares of the scientific and technical instruments company’s stock valued at $1,790,000 after buying an additional 49 shares during the last quarter. Finally, Plan A Wealth LLC lifted its stake in Garmin by 4.3% in the third quarter. Plan A Wealth LLC now owns 1,214 shares of the scientific and technical instruments company’s stock valued at $348,000 after buying an additional 50 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the sale, the insider directly owned 29,506 shares of the company’s stock, valued at approximately $8,832,916.16. This represents a 25.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 14.80% of the company’s stock.

Garmin Price Performance

GRMN stock opened at $285.73 on Monday. The firm has a market capitalization of $55.06 billion, a P/E ratio of 27.42, a P/E/G ratio of 2.83 and a beta of 0.90. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The company’s 50 day simple moving average is $281.70 and its 200-day simple moving average is $255.40.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.38. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the previous year, the company posted $1.99 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. Sell-side analysts predict that Garmin Ltd. will post 10.77 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on GRMN. KeyCorp reissued a “sector weight” rating on shares of Garmin in a report on Thursday, October 29th. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $295.00 to $310.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. Barclays dropped their price objective on shares of Garmin from $297.00 to $277.00 and set an “equal weight” rating on the stock in a report on Thursday, October 29th. Weiss Ratings raised Garmin from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 28th. Finally, Morgan Stanley boosted their price target on shares of Garmin from $289.00 to $295.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Garmin has an average rating of “Hold” and a consensus target price of $315.29.

Garmin Company Profile

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology.

Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.

Garmin is incorporated in Switzerland and has its operational headquarters in Olathe, Kansas.