Garmin Ltd. (NYSE:GRMN) Stock Position Lowered by Bridgewater Associates LP

Bridgewater Associates LP lowered its position in shares of Garmin Ltd. (NYSE:GRMN) by 75.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,079 shares of the scientific and technical instruments company’s stock after selling 76,002 shares during the quarter. Bridgewater Associates LP’s holdings in Garmin were worth $4,239,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GRMN. Sumitomo Life Insurance Co. boosted its position in shares of Garmin by 0.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after purchasing an additional 61 shares in the last quarter. Elo Mutual Pension Insurance Co lifted its stake in Garmin by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after purchasing an additional 70 shares during the last quarter. UMB Bank n.a. boosted its holdings in Garmin by 2.6% during the second quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after buying an additional 74 shares in the last quarter. Buckingham Capital Management Inc. grew its position in Garmin by 0.7% in the third quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock worth $2,062,000 after buying an additional 80 shares during the last quarter. Finally, Brighton Jones LLC grew its position in Garmin by 5.8% in the second quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after buying an additional 83 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Trading Up 0.3 %

Shares of Garmin stock opened at $212.78 on Friday. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $216.44. The company has a market cap of $40.86 billion, a P/E ratio of 27.00, a P/E/G ratio of 1.40 and a beta of 0.97. The stock has a 50-day moving average price of $186.92 and a 200 day moving average price of $175.45.

Garmin (NYSE:GRMN) last posted its quarterly earnings results 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 net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the company posted $1.41 earnings per share. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. On average, equities analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GRMN. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial lifted their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Barclays upped their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $162.67.

Insider Activity

In other news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction dated Thursday, November 7th. The stock was 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 directly owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 19.54% of the stock is currently owned by corporate insiders.

Garmin 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.