Covestor Ltd Decreases Stake in Garmin Ltd. (NYSE:GRMN)

Covestor Ltd lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 16.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 825 shares of the scientific and technical instruments company’s stock after selling 159 shares during the period. Covestor Ltd’s holdings in Garmin were worth $145,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GRMN. Clearstead Trust LLC acquired a new stake in Garmin during the 1st quarter worth approximately $30,000. University of Texas Texas AM Investment Management Co. purchased a new position in Garmin in the second quarter valued at about $31,000. Family Firm Inc. purchased a new position in Garmin in the 2nd quarter valued at about $35,000. Benjamin Edwards Inc. raised its stake in shares of Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Garmin during the second quarter worth about $46,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Transactions at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,479 shares of company stock valued at $2,419,502 over the last 90 days. 19.54% of the stock is owned by corporate insiders.

Garmin Price Performance

Shares of Garmin stock opened at $212.81 on Tuesday. The firm has a market cap of $40.86 billion, a P/E ratio of 27.01, a P/E/G ratio of 3.23 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $116.01 and a fifty-two week high of $214.83. The firm has a 50 day simple moving average of $176.88 and a 200 day simple moving average of $170.32.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm’s revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 6.89 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GRMN. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Finally, Barclays raised their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Garmin has an average rating of “Hold” and a consensus target price of $162.67.

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.