Rhumbline Advisers Sells 21,269 Shares of Garmin Ltd. $GRMN

Rhumbline Advisers decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 6.3% in the 3rd quarter, Holdings Channel reports. The firm owned 318,943 shares of the scientific and technical instruments company’s stock after selling 21,269 shares during the period. Rhumbline Advisers’ holdings in Garmin were worth $78,530,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Andra AP fonden increased its stake in Garmin by 87.2% in the second quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock valued at $13,984,000 after acquiring an additional 31,200 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Garmin by 43.4% during the third quarter. Penserra Capital Management LLC now owns 22,496 shares of the scientific and technical instruments company’s stock worth $5,538,000 after purchasing an additional 6,806 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in Garmin by 4.2% during the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after purchasing an additional 4,943 shares during the last quarter. EFG Asset Management Americas Corp. boosted its holdings in shares of Garmin by 34.1% in the 2nd quarter. EFG Asset Management Americas Corp. now owns 10,455 shares of the scientific and technical instruments company’s stock worth $2,182,000 after purchasing an additional 2,659 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Garmin by 25.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,584 shares of the scientific and technical instruments company’s stock valued at $5,314,000 after purchasing an additional 4,437 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Patrick Desbois sold 3,678 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were 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 directly owned 61,798 shares in the company, valued at $13,002,299.20. This represents a 5.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Clifton A. Pemble sold 10,431 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the sale, the chief executive officer directly owned 135,180 shares of the company’s stock, valued at $27,878,171.40. The trade was a 7.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,594 shares of company stock valued at $3,437,592 over the last three months. 15.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Garmin Stock Performance

Shares of GRMN stock opened at $203.21 on Friday. The company has a market capitalization of $39.09 billion, a P/E ratio of 25.03, a PEG ratio of 2.18 and a beta of 1.00. Garmin Ltd. has a fifty-two week low of $169.26 and a fifty-two week high of $261.69. The stock has a 50 day moving average price of $206.02 and a two-hundred day moving average price of $220.53.

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.