Garmin Ltd. $GRMN Stock: Jefferies Financial Group Inc. Grows Position

Jefferies Financial Group Inc. raised its stake in shares of Garmin Ltd. (NYSE:GRMN) by 744.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,300 shares of the scientific and technical instruments company’s stock after buying an additional 24,066 shares during the period. Jefferies Financial Group Inc.’s holdings in Garmin were worth $7,831,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Elevation Wealth Partners LLC grew its holdings in shares of Garmin by 336.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. Groupe la Francaise increased its stake in shares of Garmin by 346.4% in the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock worth $29,000 after acquiring an additional 97 shares during the last quarter. Latitude Advisors LLC purchased a new stake in shares of Garmin during the third quarter worth $32,000. CoreCap Advisors LLC raised its holdings in shares of Garmin by 216.2% during the third quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock worth $34,000 after acquiring an additional 80 shares in the last quarter. Finally, Archer Investment Corp purchased a new stake in shares of Garmin during the first quarter worth $37,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on Garmin from $295.00 to $310.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. KeyCorp reaffirmed a “sector weight” rating on shares of Garmin in a research report on Thursday, October 29th. Weiss Ratings raised Garmin from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 28th. Zacks Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Finally, UBS Group set a $370.00 price target on Garmin in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Garmin presently has an average rating of “Hold” and an average target price of $315.29.

Garmin Stock Up 1.8%

Shares of GRMN stock opened at $293.85 on Thursday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $314.28. The company has a market cap of $56.63 billion, a PE ratio of 28.20, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. The business’s 50 day moving average is $282.31 and its two-hundred day moving average is $256.70.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.38. The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Garmin had a net margin of 25.58% and a return on equity of 21.94%. Garmin’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 earnings per share. As a group, equities analysts expect that Garmin Ltd. will post 10.77 EPS for the current fiscal year.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the transaction, the insider owned 29,506 shares in the company, valued at $8,832,916.16. This trade represents a 25.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 14.80% of the company’s stock.

Garmin Profile

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology. Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.