M&G PLC Sells 33,083 Shares of Garmin Ltd. $GRMN

M&G PLC lessened its stake in shares of Garmin Ltd. (NYSE:GRMN) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 231,472 shares of the scientific and technical instruments company’s stock after selling 33,083 shares during the quarter. M&G PLC’s holdings in Garmin were worth $56,942,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Garmin by 2.5% in the third quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company’s stock worth $4,973,044,000 after acquiring an additional 499,235 shares during the period. Fifth Third Bancorp increased its holdings in shares of Garmin by 1.4% during the third quarter. Fifth Third Bancorp now owns 6,663 shares of the scientific and technical instruments company’s stock valued at $1,641,000 after acquiring an additional 94 shares in the last quarter. Atticus Wealth Management LLC increased its position in shares of Garmin by 60.4% during the third quarter. Atticus Wealth Management LLC now owns 1,169 shares of the scientific and technical instruments company’s stock valued at $288,000 after acquiring an additional 440 shares in the last quarter. Pallas Capital Advisors LLC boosted its position in shares of Garmin by 12.9% during the third quarter. Pallas Capital Advisors LLC now owns 5,708 shares of the scientific and technical instruments company’s stock valued at $1,405,000 after buying an additional 650 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Garmin by 8.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 57,251 shares of the scientific and technical instruments company’s stock valued at $14,096,000 after purchasing an additional 4,472 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Price Performance

Shares of GRMN stock opened at $214.73 on Monday. The company has a market capitalization of $41.30 billion, a P/E ratio of 26.44, a P/E/G ratio of 2.27 and a beta of 1.00. The company’s 50-day simple moving average is $206.25 and its two-hundred day simple moving average is $220.24. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69.

Insider Activity

In other news, CEO Clifton A. Pemble sold 10,431 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 135,180 shares in the company, valued at approximately $27,878,171.40. This trade represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Patrick Desbois sold 3,678 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief operating officer directly owned 61,798 shares of the company’s stock, valued at $13,002,299.20. This trade represents a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 16,594 shares of company stock worth $3,437,592. Company insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.