Fulton Bank N.A. Sells 135 Shares of Garmin Ltd. (NYSE:GRMN)

Fulton Bank N.A. lowered its stake in Garmin Ltd. (NYSE:GRMN) by 6.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 2,106 shares of the scientific and technical instruments company’s stock after selling 135 shares during the quarter. Fulton Bank N.A.’s holdings in Garmin were worth $434,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of GRMN. University of Texas Texas AM Investment Management Co. purchased a new stake in Garmin during the second quarter valued at approximately $31,000. Larson Financial Group LLC grew 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 acquiring an additional 162 shares in the last quarter. Benjamin Edwards Inc. boosted 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. Itau Unibanco Holding S.A. purchased a new position in shares of Garmin in the third quarter valued at $39,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Garmin during the 2nd quarter valued at about $46,000. 81.60% of the stock is owned by institutional investors.

Garmin Stock Down 1.1 %

Shares of GRMN opened at $209.15 on Friday. The stock has a fifty day simple moving average of $210.93 and a two-hundred day simple moving average of $185.35. The company has a market capitalization of $40.16 billion, a PE ratio of 26.54, a price-to-earnings-growth ratio of 1.42 and a beta of 0.98. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.41 EPS. As a group, equities analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GRMN shares. Barclays raised their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Tigress Financial raised their price objective on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three research 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $171.00.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate 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.