OneDigital Investment Advisors LLC Raises Stake in Garmin Ltd. (NYSE:GRMN)

OneDigital Investment Advisors LLC boosted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 11.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,318 shares of the scientific and technical instruments company’s stock after buying an additional 725 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Garmin were worth $1,288,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in Garmin by 136.7% in the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Garmin in the second quarter valued at approximately $45,999,000. Marshall Wace LLP grew its holdings in Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after purchasing an additional 278,990 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Garmin by 123.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock worth $85,600,000 after purchasing an additional 268,996 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of Garmin in the 3rd quarter worth $45,501,000. 73.41% of the stock is currently owned by institutional investors.

Garmin Price Performance

Shares of NYSE GRMN opened at $209.27 on Tuesday. The stock has a market capitalization of $40.19 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 3.17 and a beta of 0.97. The firm’s 50 day simple moving average is $179.96 and its 200-day simple moving average is $172.57. Garmin Ltd. has a 12 month low of $118.79 and a 12 month high of $215.55.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company posted $1.41 EPS. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. Analysts anticipate that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 19.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,479 shares of company stock valued at $2,419,502. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GRMN. Tigress Financial raised their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Barclays lifted their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $162.67.

Garmin Company 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.