Flagship Harbor Advisors LLC trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 32.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,376 shares of the scientific and technical instruments company’s stock after selling 1,148 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Garmin were worth $490,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of GRMN. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin during the fourth quarter worth approximately $29,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Garmin in the 2nd quarter valued at $31,000. Larson Financial Group LLC lifted its position in shares of Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Garmin during the third quarter worth $39,000. Finally, Capital Performance Advisors LLP purchased a new position in Garmin in the third quarter valued at $59,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.
Analyst Ratings Changes
GRMN has been the subject of a number of recent analyst reports. Tigress Financial upped their price objective on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Barclays raised their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. 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 company’s stock. According to MarketBeat, Garmin currently has a consensus rating of “Hold” and an average price target of $171.00.
Garmin Stock Up 1.2 %
NYSE:GRMN opened at $217.59 on Wednesday. The company has a market capitalization of $41.78 billion, a PE ratio of 27.61, a P/E/G ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97. The stock’s 50 day moving average price is $211.97 and its 200 day moving average price is $189.72.
Garmin (NYSE:GRMN – Get Free Report) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the firm posted $1.41 earnings per share. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current fiscal year.
Insiders Place Their Bets
In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred 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 directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.
Garmin 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.
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