Envestnet Asset Management Inc. Grows Stake in Garmin Ltd. (NYSE:GRMN)

Envestnet Asset Management Inc. increased its holdings in Garmin Ltd. (NYSE:GRMN) by 8.4% during the second quarter, Holdings Channel reports. The firm owned 163,517 shares of the scientific and technical instruments company’s stock after acquiring an additional 12,616 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Garmin were worth $26,640,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GRMN. Parallel Advisors LLC boosted its position in shares of Garmin by 4.3% during the second quarter. Parallel Advisors LLC now owns 4,777 shares of the scientific and technical instruments company’s stock worth $778,000 after acquiring an additional 197 shares during the last quarter. Dai ichi Life Insurance Company Ltd grew its position in shares of Garmin by 5.6% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 11,135 shares of the scientific and technical instruments company’s stock valued at $1,814,000 after purchasing an additional 595 shares in the last quarter. Fiduciary Group LLC bought a new stake in shares of Garmin in the second quarter worth about $212,000. CoreCap Advisors LLC purchased a new stake in shares of Garmin in the second quarter worth about $831,000. Finally, Pinkerton Retirement Specialists LLC bought a new position in Garmin during the second quarter valued at approximately $236,000. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on GRMN shares. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, 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 report on Thursday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $152.17.

Garmin Stock Down 0.4 %

GRMN stock opened at $171.00 on Friday. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $184.42. The stock has a market capitalization of $32.85 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00. The firm’s fifty day simple moving average is $174.48 and its two-hundred day simple moving average is $162.47.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm’s revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.45 EPS. As a group, equities research analysts expect that Garmin Ltd. will post 6.05 EPS for the current year.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The disclosure for this sale can be found here. In the last three months, insiders sold 12,892 shares of company stock valued at $2,296,174. Insiders own 19.54% of the company’s stock.

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.