Garmin Ltd. (NYSE:GRMN) Shares Purchased by Caisse DE Depot ET Placement DU Quebec

Caisse DE Depot ET Placement DU Quebec boosted its position in Garmin Ltd. (NYSE:GRMN) by 559.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 150,419 shares of the scientific and technical instruments company’s stock after purchasing an additional 127,613 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in Garmin were worth $26,478,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Garmin in the second quarter valued at approximately $31,000. Larson Financial Group LLC grew its holdings in Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 162 shares in the last quarter. Family Firm Inc. acquired a new stake in shares of Garmin in the 2nd quarter worth $35,000. Benjamin Edwards Inc. raised its holdings in shares of Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Garmin during the 2nd quarter valued at about $46,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Up 0.2 %

NYSE:GRMN opened at $212.60 on Monday. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44. The stock’s fifty day moving average is $186.92 and its two-hundred day moving average is $175.52. The stock has a market capitalization of $40.82 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 1.40 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced 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. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. Garmin’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period last year, the business posted $1.41 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GRMN shares. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays lifted their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Tigress Financial increased their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.67.

Insider Activity at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 19.54% of the company’s stock.

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.