Garmin Ltd. (NYSE:GRMN) Stock Position Raised by National Bank of Canada FI

National Bank of Canada FI boosted its position in shares of Garmin Ltd. (NYSE:GRMN) by 22.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,584 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,883 shares during the period. National Bank of Canada FI’s holdings in Garmin were worth $2,743,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in GRMN. Sequoia Financial Advisors LLC increased its holdings in shares of Garmin by 3.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,629 shares of the scientific and technical instruments company’s stock valued at $428,000 after purchasing an additional 86 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Garmin by 15.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,726 shares of the scientific and technical instruments company’s stock valued at $1,910,000 after buying an additional 1,564 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in Garmin by 18.9% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,018 shares of the scientific and technical instruments company’s stock worth $329,000 after buying an additional 321 shares in the last quarter. Fiduciary Financial Group LLC acquired a new stake in shares of Garmin during the 2nd quarter valued at $240,000. Finally, Blue Trust Inc. grew its holdings in shares of Garmin by 277.6% during the 2nd quarter. Blue Trust Inc. now owns 623 shares of the scientific and technical instruments company’s stock valued at $93,000 after acquiring an additional 458 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Garmin Stock Performance

Shares of GRMN stock opened at $215.40 on Friday. The stock’s 50 day simple moving average is $194.68 and its 200 day simple moving average is $178.51. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97. The company has a market capitalization of $41.36 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.46 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its quarterly 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 for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 earnings per share. On average, analysts forecast that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was 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.