Garmin Ltd. (NYSE:GRMN) Shares Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 34.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,660 shares of the scientific and technical instruments company’s stock after acquiring an additional 3,212 shares during the quarter. Convergence Investment Partners LLC’s holdings in Garmin were worth $2,611,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. State Street Corp raised its holdings in shares of Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after acquiring an additional 134,303 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Garmin by 2.7% during the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after acquiring an additional 112,815 shares during the last quarter. FMR LLC raised its holdings in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after acquiring an additional 1,093,219 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Garmin by 3.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company’s stock valued at $246,619,000 after acquiring an additional 48,645 shares during the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of Garmin by 4.1% during the third quarter. Captrust Financial Advisors now owns 767,729 shares of the scientific and technical instruments company’s stock valued at $135,143,000 after acquiring an additional 30,011 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $214.78 on Wednesday. The stock has a 50 day moving average price of $212.63 and a 200 day moving average price of $194.17. The stock has a market cap of $41.24 billion, a PE ratio of 27.26, a P/E/G ratio of 1.27 and a beta of 0.98. Garmin Ltd. has a one year low of $121.20 and a one year high of $223.33.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.54% of the stock is owned by insiders.

Garmin Company 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.