Y Intercept Hong Kong Ltd Invests $482,000 in Garmin Ltd. (NYSE:GRMN)

Y Intercept Hong Kong Ltd acquired a new stake in Garmin Ltd. (NYSE:GRMN) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,740 shares of the scientific and technical instruments company’s stock, valued at approximately $482,000.

Other hedge funds have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin in the 2nd quarter valued at about $31,000. Larson Financial Group LLC grew its holdings in Garmin by 578.6% during 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. Family Firm Inc. bought a new stake in Garmin in the second quarter valued at approximately $35,000. Benjamin Edwards Inc. raised its holdings in Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new position in shares of Garmin during the third quarter worth $39,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $215.40 on Monday. The stock has a 50-day simple moving average of $195.59 and a 200 day simple moving average of $178.98. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97. The company has a market cap of $41.36 billion, a PE ratio of 27.34, a PEG ratio of 1.46 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. On average, research analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on GRMN. Tigress Financial upped their price objective on shares of 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 dropped their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Garmin has an average rating of “Hold” and an average target price of $162.67.

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.