Garmin Ltd. (NYSE:GRMN) Shares Sold by Nemes Rush Group LLC

Nemes Rush Group LLC lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 7.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,058 shares of the scientific and technical instruments company’s stock after selling 164 shares during the quarter. Nemes Rush Group LLC’s holdings in Garmin were worth $335,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Clearstead Trust LLC purchased a new position in Garmin during the first quarter worth approximately $30,000. Family Firm Inc. purchased a new stake in Garmin in the 2nd quarter valued at $35,000. Benjamin Edwards Inc. raised its holdings in shares of Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the period. Headlands Technologies LLC purchased a new position in shares of Garmin during the 2nd quarter worth $46,000. Finally, West Oak Capital LLC acquired a new position in shares of Garmin during the 2nd quarter valued at about $53,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s 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 in the company, valued at approximately $7,257,359.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Philip Straub sold 2,750 shares of Garmin 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 sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 over the last 90 days. 19.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GRMN shares. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $152.17.

Garmin Trading Down 0.5 %

Shares of NYSE GRMN opened at $173.99 on Friday. The stock has a market cap of $33.42 billion, a P/E ratio of 24.54, a PEG ratio of 3.04 and a beta of 1.00. The business’s fifty day simple moving average is $174.80 and its 200-day simple moving average is $163.46. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. Garmin’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.45 EPS. On average, equities analysts forecast that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

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.