Garmin Ltd. (NYSE:GRMN) Holdings Cut by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its stake in Garmin Ltd. (NYSE:GRMN) by 42.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,565 shares of the scientific and technical instruments company’s stock after selling 71,159 shares during the quarter. Victory Capital Management Inc.’s holdings in Garmin were worth $16,646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in shares of Garmin during the 2nd quarter valued at $31,000. Family Firm Inc. acquired a new stake in shares of Garmin in the 2nd quarter valued at $35,000. Benjamin Edwards Inc. lifted 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 during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Garmin in the 2nd quarter valued at $46,000. Finally, West Oak Capital LLC acquired a new stake in shares of Garmin in the 2nd quarter valued at $53,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,424 shares of company stock valued at $638,159 over the last quarter. 19.54% of the stock is owned by company insiders.

Garmin Stock Performance

NYSE:GRMN opened at $207.45 on Wednesday. The firm’s 50-day moving average is $180.49 and its 200-day moving average is $172.88. Garmin Ltd. has a 52-week low of $118.79 and a 52-week high of $215.55. The company has a market cap of $39.83 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 3.17 and a beta of 0.97.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 earnings per share. Equities analysts predict that Garmin Ltd. will post 6.88 EPS for the current year.

About Garmin

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.