Nordea Investment Management AB Sells 426 Shares of Garmin Ltd. (NYSE:GRMN)

Nordea Investment Management AB lowered its stake in Garmin Ltd. (NYSE:GRMNFree Report) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,412 shares of the scientific and technical instruments company’s stock after selling 426 shares during the period. Nordea Investment Management AB’s holdings in Garmin were worth $2,573,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its position in shares of Garmin by 2.0% during the 3rd quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after acquiring an additional 134,303 shares during the last quarter. Geode Capital Management LLC increased its holdings in Garmin by 2.7% in the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after purchasing an additional 112,815 shares during the last quarter. FMR LLC increased its holdings in Garmin by 40.8% in the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after purchasing an additional 1,093,219 shares during the last quarter. Select Equity Group L.P. lifted its stake in Garmin by 0.6% in the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock valued at $326,909,000 after buying an additional 11,666 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Garmin by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock worth $282,761,000 after buying an additional 13,968 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

GRMN has been the topic of a number of analyst reports. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial increased their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Finally, Barclays boosted their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $171.00.

Get Our Latest Stock Report on Garmin

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Garmin Stock Performance

Shares of GRMN opened at $209.15 on Friday. The firm’s 50 day moving average price is $210.93 and its two-hundred day moving average price is $185.52. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97. The firm has a market cap of $40.16 billion, a P/E ratio of 26.54, a PEG ratio of 1.42 and a beta of 0.98.

Garmin (NYSE:GRMNGet Free Report) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the business earned $1.41 EPS. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Garmin Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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