Convergence Investment Partners LLC Grows Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Convergence Investment Partners LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 34.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 12,660 shares of the scientific and technical instruments company’s stock after buying an additional 3,212 shares during the period. Convergence Investment Partners LLC’s holdings in Garmin were worth $2,611,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of GRMN. Golden State Wealth Management LLC purchased a new position in shares of Garmin during the fourth quarter worth $26,000. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin during the fourth quarter worth $29,000. Larson Financial Group LLC boosted its holdings in Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 162 shares during the period. SOA Wealth Advisors LLC. purchased a new position in Garmin in the fourth quarter valued at $37,000. Finally, Itau Unibanco Holding S.A. purchased a new position in Garmin in the third quarter valued at $39,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of NYSE GRMN opened at $214.78 on Wednesday. The company has a market capitalization of $41.24 billion, a price-to-earnings ratio of 27.26, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. The business has a 50-day moving average of $212.63 and a two-hundred day moving average of $194.17. Garmin Ltd. has a 1 year low of $121.20 and a 1 year high of $223.33.

Insiders Place Their Bets

In other news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % 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. 19.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GRMN. Tigress Financial lifted their target price on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Barclays lifted their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Garmin currently has a consensus rating of “Hold” and an average price target of $171.00.

Garmin Profile

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.