abrdn plc Grows Stock Position in Garmin Ltd. (NYSE:GRMN)

abrdn plc increased its stake in Garmin Ltd. (NYSE:GRMN) by 6.3% in the third quarter, Holdings Channel reports. The institutional investor owned 67,616 shares of the scientific and technical instruments company’s stock after acquiring an additional 4,005 shares during the quarter. abrdn plc’s holdings in Garmin were worth $11,823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. bought a new stake in Garmin in the second quarter valued at $31,000. Clearstead Trust LLC acquired a new position in Garmin during the first quarter worth about $30,000. Family Firm Inc. acquired a new position in shares of Garmin in the 2nd quarter worth approximately $35,000. Benjamin Edwards Inc. increased its holdings in shares of Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Garmin during the second quarter worth $46,000. 73.41% of the stock is owned by institutional investors.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,892 shares of company stock valued at $2,296,174. Insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GRMN shares. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Barclays lifted their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday. Tigress Financial increased their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Garmin has an average rating of “Hold” and an average price target of $162.67.

Garmin Trading Down 0.2 %

Shares of NYSE GRMN opened at $198.05 on Friday. The firm’s 50-day moving average is $174.22 and its 200-day moving average is $167.62. Garmin Ltd. has a 1 year low of $112.01 and a 1 year high of $207.22. The firm has a market capitalization of $38.07 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 3.52 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 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 the consensus estimate of $1.44 billion. During the same quarter last year, the business posted $1.41 EPS. The firm’s revenue was up 24.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Garmin Ltd. will post 6.09 earnings per share for the current fiscal year.

About Garmin

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.