Loomis Sayles & Co. L P Lowers Position in Garmin Ltd. (NYSE:GRMN)

Loomis Sayles & Co. L P lessened its position in Garmin Ltd. (NYSE:GRMN) by 12.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 456 shares of the scientific and technical instruments company’s stock after selling 66 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Garmin were worth $80,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Garmin in the 2nd quarter valued at approximately $31,000. Larson Financial Group LLC raised its stake in Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 162 shares during the last quarter. Family Firm Inc. purchased a new position in Garmin during the second quarter valued at $35,000. Benjamin Edwards Inc. raised its stake in Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Garmin during the second quarter valued at $46,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 19.54% of the stock is currently owned by corporate insiders.

Garmin Price Performance

GRMN stock opened at $212.09 on Friday. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $216.44. The business has a fifty day moving average price of $186.08 and a 200-day moving average price of $175.15. The stock has a market capitalization of $40.73 billion, a P/E ratio of 26.91, a P/E/G ratio of 1.42 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. Garmin’s revenue was up 24.1% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, Tigress Financial lifted their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus target price of $162.67.

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.