Value Partners Investments Inc. has taken a new position in Garmin Ltd. (NYSE: GRMN), purchasing 10,363 shares valued at approximately $2.98 million in the third quarter. This move comes as several other institutional investors have also adjusted their holdings in the company. Dimensional Fund Advisors LP increased its stake by 2.5%, now owning 1,631,843 shares worth $378.54 million. Bank of America Corp DE boosted its position by 73.8%, holding 1,295,199 shares valued at $300.50 million.
Amundi raised its stake by 82.5%, now owning 1,017,314 shares worth $236.03 million, while SG Americas Securities LLC increased its holdings by 192.8%, now owning 506,273 shares valued at $117.46 million. Swiss National Bank also raised its stake by 7.0%, now owning 479,800 shares worth $111.32 million. Institutional investors and hedge funds collectively own 81.60% of Garmin's stock.
In other news, Garmin's stock traded up $2.06 on Monday, reaching $286.85. The company has a market capitalization of $55.32 billion, a PE ratio of 29.57, and a P/E/G ratio of 3.18. Garmin reported strong quarterly earnings, with $2.81 earnings per share, surpassing analysts' estimates of $2.30. The company's revenue for the quarter was $2.02 billion, up 11.4% compared to the same quarter last year.
Analysts have mixed views on Garmin, with ratings ranging from Strong Buy to Hold. Weiss Ratings reaffirmed a "buy (b)" rating, while Zacks Research lowered its rating to "hold". Barclays increased its price target to $297.00, and Morgan Stanley raised its target to $289.00. Arete Research initiated coverage with a "buy" rating and a $335.00 price target. The stock currently has a consensus rating of "Moderate Buy" and an average target price of $313.71.