Principal Financial Group Inc. Reduces Stock Position in Garmin Ltd. (NYSE:GRMN)

Principal Financial Group Inc. lessened its position in shares of Garmin Ltd. (NYSE:GRMNGet Rating) by 2.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 216,094 shares of the scientific and technical instruments company’s stock after selling 6,424 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Garmin worth $29,426,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Eagle Bay Advisors LLC lifted its holdings in shares of Garmin by 74.0% in the 3rd quarter. Eagle Bay Advisors LLC now owns 167 shares of the scientific and technical instruments company’s stock valued at $26,000 after buying an additional 71 shares during the period. Blue Bell Private Wealth Management LLC acquired a new position in Garmin in the 4th quarter worth about $28,000. Jackson Wealth Management LLC raised its holdings in Garmin by 1.6% in the 3rd quarter. Jackson Wealth Management LLC now owns 24,314 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 376 shares during the period. Tradewinds Capital Management LLC raised its holdings in Garmin by 100.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 300 shares of the scientific and technical instruments company’s stock worth $41,000 after purchasing an additional 150 shares during the period. Finally, Spire Wealth Management raised its holdings in Garmin by 52.2% in the 4th quarter. Spire Wealth Management now owns 318 shares of the scientific and technical instruments company’s stock worth $43,000 after purchasing an additional 109 shares during the period. Institutional investors and hedge funds own 72.11% of the company’s stock.

GRMN stock opened at $101.36 on Friday. The business has a 50 day simple moving average of $112.34 and a 200-day simple moving average of $124.49. The firm has a market capitalization of $19.58 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01. Garmin Ltd. has a 1 year low of $97.36 and a 1 year high of $178.80.

Garmin (NYSE:GRMNGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The scientific and technical instruments company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.14 billion. Garmin had a return on equity of 18.67% and a net margin of 21.12%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.18 earnings per share. Equities research analysts forecast that Garmin Ltd. will post 5.91 earnings per share for the current fiscal year.

GRMN has been the subject of a number of analyst reports. Morgan Stanley reduced their price target on Garmin from $141.00 to $127.00 and set an “equal weight” rating for the company in a report on Thursday, February 17th. Bank of America raised Garmin from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $165.00 to $140.00 in a report on Friday, March 18th. Deutsche Bank Aktiengesellschaft reduced their price target on Garmin from $160.00 to $150.00 in a report on Thursday, April 28th. Zacks Investment Research raised Garmin from a “sell” rating to a “hold” rating and set a $115.00 price target for the company in a report on Monday, May 2nd. Finally, Tigress Financial boosted their price objective on Garmin from $205.00 to $208.00 in a research note on Friday, May 6th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Garmin presently has an average rating of “Buy” and a consensus target price of $148.00.

About Garmin (Get Rating)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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