SG Americas Securities LLC Cuts Position in Garmin Ltd. (NYSE:GRMN)

SG Americas Securities LLC reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 7.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,867 shares of the scientific and technical instruments company’s stock after selling 13,149 shares during the quarter. SG Americas Securities LLC’s holdings in Garmin were worth $27,965,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GRMN. Select Equity Group L.P. lifted its position in shares of Garmin by 0.6% during the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock valued at $326,909,000 after buying an additional 11,666 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Garmin by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock valued at $282,761,000 after acquiring an additional 13,968 shares during the last quarter. Boston Partners boosted its stake in Garmin by 4.3% in the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock valued at $210,799,000 after acquiring an additional 58,343 shares in the last quarter. Marshall Wace LLP boosted its stake in Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after acquiring an additional 278,990 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock worth $110,869,000 after purchasing an additional 190,739 shares during the last quarter. Institutional investors own 73.41% of the company’s stock.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of recent analyst reports. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Tigress Financial increased their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, Garmin presently has an average rating of “Hold” and a consensus target price of $152.17.

Garmin Stock Performance

Shares of GRMN stock opened at $169.13 on Friday. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $184.42. The firm has a market capitalization of $32.49 billion, a PE ratio of 23.85, a P/E/G ratio of 3.04 and a beta of 1.00. The stock’s 50-day simple moving average is $174.77 and its 200-day simple moving average is $164.15.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the company earned $1.45 EPS. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. Sell-side analysts forecast that Garmin Ltd. will post 6.05 earnings per share for the current year.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction 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 directly owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin 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 transaction, 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. Insiders have sold 12,892 shares of company stock worth $2,296,174 over the last 90 days. 19.54% of the stock is currently owned by company 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.