M&G PLC Has $56.94 Million Stake in Garmin Ltd. $GRMN

M&G PLC reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 12.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 231,472 shares of the scientific and technical instruments company’s stock after selling 33,083 shares during the quarter. M&G PLC owned approximately 0.12% of Garmin worth $56,942,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Quaker Wealth Management LLC raised its position in Garmin by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 264 shares in the last quarter. Richardson Financial Services Inc. grew its position in Garmin by 62.2% during the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 51 shares in the last quarter. Cornerstone Planning Group LLC increased its position 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 purchasing an additional 142 shares during the period. Tradewinds Capital Management LLC bought a new stake in shares of Garmin during the 3rd quarter worth approximately $44,000. Finally, Newbridge Financial Services Group Inc. increased its stake in shares of Garmin by 96.9% in the 2nd 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. 81.60% of the stock is currently owned by institutional investors.

Garmin Stock Up 5.7%

GRMN opened at $214.73 on Monday. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The firm has a 50-day moving average price of $206.25 and a 200-day moving average price of $220.24. The company has a market capitalization of $41.30 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 2.27 and a beta of 1.00.

Insider Activity

In other news, COO Patrick Desbois sold 3,678 shares of Garmin stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the completion of the sale, the chief operating officer owned 61,798 shares in the company, valued at approximately $13,002,299.20. This trade represents a 5.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 2,485 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the completion of the transaction, the chief financial officer directly owned 28,916 shares of the company’s stock, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,594 shares of company stock worth $3,437,592. 19.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Garmin Profile

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.