Atlantic Union Bankshares Corp Increases Holdings in Garmin Ltd. (NYSE:GRMN)

Atlantic Union Bankshares Corp boosted its stake in Garmin Ltd. (NYSE:GRMN) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,801 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,278 shares during the period. Atlantic Union Bankshares Corp’s holdings in Garmin were worth $6,302,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in GRMN. William Allan Corp lifted its holdings in Garmin by 94.3% in the 3rd quarter. William Allan Corp now owns 18,686 shares of the scientific and technical instruments company’s stock worth $3,289,000 after buying an additional 9,067 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Garmin by 11.7% in the third quarter. Public Sector Pension Investment Board now owns 6,682 shares of the scientific and technical instruments company’s stock worth $1,176,000 after acquiring an additional 700 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Garmin by 82.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 92,684 shares of the scientific and technical instruments company’s stock worth $16,315,000 after acquiring an additional 41,771 shares in the last quarter. Glenmede Trust Co. NA grew its stake in Garmin by 44.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 2,326 shares of the scientific and technical instruments company’s stock valued at $409,000 after purchasing an additional 712 shares in the last quarter. Finally, Townsquare Capital LLC increased its holdings in Garmin by 74.9% during the 3rd quarter. Townsquare Capital LLC now owns 2,700 shares of the scientific and technical instruments company’s stock worth $475,000 after purchasing an additional 1,156 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Performance

NYSE GRMN opened at $212.09 on Friday. Garmin Ltd. has a one year low of $119.15 and a one year high of $216.44. The company has a 50-day simple moving average of $186.08 and a 200-day simple moving average of $175.15. The firm has a market capitalization of $40.73 billion, a PE ratio of 26.91, a price-to-earnings-growth ratio of 1.40 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. Garmin’s quarterly revenue was up 24.1% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 19.54% of the stock is owned by company insiders.

Garmin Company 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.