Park Avenue Securities LLC Has $664,000 Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Park Avenue Securities LLC trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 1.9% during the third quarter, Holdings Channel reports. The institutional investor owned 3,771 shares of the scientific and technical instruments company’s stock after selling 72 shares during the quarter. Park Avenue Securities LLC’s holdings in Garmin were worth $664,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in GRMN. Bontempo Ohly Capital Mgmt LLC lifted its stake in shares of Garmin by 1.7% in the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 39,262 shares of the scientific and technical instruments company’s stock valued at $5,047,000 after buying an additional 654 shares in the last quarter. Clarity Asset Management Inc. bought a new position in shares of Garmin in the fourth quarter valued at $74,000. Voisard Asset Management Group Inc. bought a new position in shares of Garmin in the fourth quarter valued at $65,000. EP Wealth Advisors LLC bought a new position in shares of Garmin in the fourth quarter valued at $453,000. Finally, American International Group Inc. lifted its stake in shares of Garmin by 1.5% in the fourth quarter. American International Group Inc. now owns 41,132 shares of the scientific and technical instruments company’s stock valued at $5,287,000 after buying an additional 600 shares in the last quarter. 73.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays lowered shares of 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. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $155.00 to $138.00 in a research report on Monday. Tigress Financial raised their price target 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. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Garmin has an average rating of “Hold” and an average target price of $158.50.

Garmin Stock Up 0.2 %

GRMN opened at $165.64 on Friday. The company has a market capitalization of $31.82 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 3.04 and a beta of 0.99. The firm has a 50-day moving average price of $173.93 and a 200-day moving average price of $164.80. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $184.42.

Garmin (NYSE:GRMN) last posted its 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. The firm had revenue of $1.51 billion during 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 company’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the company earned $1.45 earnings per share. On average, sell-side analysts expect that Garmin Ltd. will post 6.05 earnings per share for the current fiscal year.

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the business’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 completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Garmin news, 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 completion of the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Philip Straub sold 2,750 shares of Garmin 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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,892 shares of company stock valued at $2,296,174. Corporate insiders own 19.54% of the company’s stock.

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.