ING Groep NV Purchases New Shares in Garmin Ltd. $GRMN

ING Groep NV acquired a new stake in Garmin Ltd. (NYSE:GRMN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 21,152 shares of the scientific and technical instruments company’s stock, valued at approximately $5,208,000.

Several other large investors also recently made changes to their positions in the business. Quaker Wealth Management LLC lifted its position in Garmin by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 264 shares in the last quarter. Richardson Financial Services Inc. raised its stake in shares of Garmin by 62.2% in the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 51 shares during the last quarter. Cornerstone Planning Group LLC raised its stake in shares of Garmin by 788.9% in the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after acquiring an additional 142 shares during the last quarter. Tradewinds Capital Management LLC acquired a new position in shares of Garmin during the third quarter worth approximately $44,000. Finally, Newbridge Financial Services Group Inc. grew its stake in shares of Garmin by 96.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the scientific and technical instruments company’s stock valued at $52,000 after purchasing an additional 123 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total value of $512,556.10. Following the sale, the chief financial officer directly owned 28,916 shares in the company, valued at $5,964,214.16. This trade represents a 7.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 10,431 shares of Garmin stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the transaction, the chief executive officer directly owned 135,180 shares in the company, valued at $27,878,171.40. The trade was a 7.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 16,594 shares of company stock worth $3,437,592. 15.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of research reports. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target for the company in a report on Wednesday, December 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. Barclays raised Garmin from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $208.00 to $217.00 in a research note on Friday, January 16th. Morgan Stanley lifted their price objective on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Finally, Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $244.40.

Garmin Trading Down 1.6%

NYSE GRMN opened at $203.21 on Friday. Garmin Ltd. has a 12 month low of $169.26 and a 12 month high of $261.69. The stock has a 50-day simple moving average of $206.02 and a 200 day simple moving average of $220.53. The company has a market capitalization of $39.09 billion, a PE ratio of 25.03, a P/E/G ratio of 2.18 and a beta of 1.00.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.