Meeder Asset Management Inc. Reduces Holdings in Garmin Ltd. (NASDAQ:GRMN)

Meeder Asset Management Inc. lowered its holdings in shares of Garmin Ltd. (NASDAQ:GRMN) by 15.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,834 shares of the scientific and technical instruments company’s stock after selling 2,314 shares during the period. Meeder Asset Management Inc.’s holdings in Garmin were worth $1,088,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of GRMN. Vanguard Group Inc. boosted its stake in shares of Garmin by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 14,329,946 shares of the scientific and technical instruments company’s stock valued at $1,143,530,000 after purchasing an additional 182,891 shares in the last quarter. BlackRock Inc. lifted its position in Garmin by 7.4% during the 2nd quarter. BlackRock Inc. now owns 11,943,119 shares of the scientific and technical instruments company’s stock worth $953,060,000 after buying an additional 824,805 shares in the last quarter. Northern Trust Corp lifted its position in Garmin by 5.1% during the 2nd quarter. Northern Trust Corp now owns 1,442,629 shares of the scientific and technical instruments company’s stock worth $115,121,000 after buying an additional 69,443 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Garmin by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,266,909 shares of the scientific and technical instruments company’s stock worth $101,098,000 after buying an additional 28,155 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Garmin by 43.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,047,556 shares of the scientific and technical instruments company’s stock worth $83,532,000 after buying an additional 317,069 shares in the last quarter. Hedge funds and other institutional investors own 42.08% of the company’s stock.

In other Garmin news, CEO Clifton A. Pemble sold 2,726 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $93.58, for a total value of $255,099.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Min H. Kao sold 241,179 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $76.81, for a total value of $18,524,958.99. Following the completion of the transaction, the insider now directly owns 1,779,429 shares in the company, valued at approximately $136,677,941.49. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,792,547 shares of company stock worth $155,189,747. 23.83% of the stock is owned by insiders.

Shares of GRMN stock traded up $0.93 on Friday, reaching $95.89. The company had a trading volume of 1,083,700 shares, compared to its average volume of 1,115,543. The stock has a market cap of $18.48 billion, a PE ratio of 25.99, a PEG ratio of 3.05 and a beta of 0.91. Garmin Ltd. has a 12 month low of $59.98 and a 12 month high of $96.44. The company has a 50-day moving average of $87.50 and a 200-day moving average of $81.92. The company has a current ratio of 2.64, a quick ratio of 1.93 and a debt-to-equity ratio of 0.01.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.32. The firm had revenue of $934.38 million during the quarter, compared to the consensus estimate of $869.02 million. Garmin had a return on equity of 18.73% and a net margin of 21.79%. The company’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.00 earnings per share. Sell-side analysts anticipate that Garmin Ltd. will post 4.16 earnings per share for the current year.

Several research analysts recently issued reports on GRMN shares. Morgan Stanley upped their price target on shares of Garmin from $81.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Tigress Financial reissued a “buy” rating on shares of Garmin in a report on Friday, August 16th. BidaskClub raised Garmin from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, ValuEngine cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and a consensus target price of $79.33.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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