Allianz Asset Management AG raised its position in Garmin Ltd. (NASDAQ:GRMN) by 18.9% during the fourth quarter, Holdings Channel reports. The firm owned 2,140,860 shares of the company’s stock after buying an additional 340,484 shares during the period. Allianz Asset Management AG owned approximately 1.14% of Garmin worth $103,810,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Robeco Institutional Asset Management B.V. raised its stake in shares of Garmin by 572.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 847,859 shares of the company’s stock valued at $40,787,000 after buying an additional 721,730 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Garmin by 5,414.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 680,441 shares of the company’s stock valued at $20,155,000 after buying an additional 668,102 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Garmin by 54.2% in the third quarter. Schroder Investment Management Group now owns 1,864,389 shares of the company’s stock valued at $89,696,000 after buying an additional 655,538 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Garmin by 3.8% in the third quarter. BlackRock Fund Advisors now owns 6,371,919 shares of the company’s stock valued at $306,553,000 after buying an additional 235,569 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Garmin by 3.7% in the fourth quarter. State Street Corp now owns 6,024,720 shares of the company’s stock valued at $292,131,000 after buying an additional 216,577 shares during the last quarter. Institutional investors and hedge funds own 37.39% of the company’s stock.
Garmin Ltd. (NASDAQ:GRMN) traded down 0.18% during trading on Tuesday, reaching $50.25. The company had a trading volume of 772,351 shares. Garmin Ltd. has a one year low of $37.59 and a one year high of $56.19. The firm has a market capitalization of $9.47 billion, a P/E ratio of 18.76 and a beta of 0.86. The firm’s 50-day moving average price is $48.94 and its 200 day moving average price is $49.97.
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GRMN has been the topic of several research reports. Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, October 25th. KeyCorp restated an “equal weight” rating on shares of Garmin in a research note on Thursday, December 29th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Garmin presently has an average rating of “Hold” and an average price target of $41.52.
In other news, VP Andrew R. Etkind sold 2,116 shares of Garmin stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $49.55, for a total value of $104,847.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 18.30% of the stock is owned by company insiders.
Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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