Banque Pictet & Cie SA Takes $4.44 Million Position in Garmin Ltd. (NYSE:GRMN)

Banque Pictet & Cie SA purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 21,512 shares of the scientific and technical instruments company’s stock, valued at approximately $4,437,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. Citigroup Inc. raised its stake in Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after buying an additional 156,441 shares in the last quarter. Trajan Wealth LLC raised its stake in Garmin by 9.1% in the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after buying an additional 6,878 shares in the last quarter. Passumpsic Savings Bank bought a new position in Garmin in the third quarter worth approximately $3,137,000. Advisors Asset Management Inc. grew its holdings in Garmin by 24.2% in the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock worth $3,086,000 after purchasing an additional 3,415 shares during the last quarter. Finally, National Pension Service grew its holdings in Garmin by 25.7% in the third quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock worth $50,004,000 after purchasing an additional 58,025 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Barclays lifted their price target on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Tigress Financial lifted their price target 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. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $171.00.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of GRMN opened at $212.37 on Friday. The firm has a market capitalization of $40.78 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 1.33 and a beta of 0.98. Garmin Ltd. has a 1-year low of $121.20 and a 1-year high of $223.33. The company’s fifty day moving average price is $212.89 and its 200-day moving average price is $193.37.

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.