Congress Asset Management Co. MA Sells 975 Shares of Garmin Ltd. (NYSE:GRMN)

Congress Asset Management Co. MA reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,596 shares of the scientific and technical instruments company’s stock after selling 975 shares during the quarter. Congress Asset Management Co. MA’s holdings in Garmin were worth $7,532,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GRMN. Goldman Sachs Group Inc. grew its stake in shares of Garmin by 28.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after buying an additional 190,739 shares during the last quarter. American International Group Inc. grew its stake in shares of Garmin by 1.5% during 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 during the last quarter. EP Wealth Advisors LLC bought a new position in shares of Garmin during the fourth quarter valued at approximately $453,000. Voisard Asset Management Group Inc. bought a new position in shares of Garmin during the fourth quarter valued at approximately $65,000. Finally, Clarity Asset Management Inc. bought a new position in shares of Garmin during the fourth quarter valued at approximately $74,000. 73.41% of the stock is owned by institutional investors.

Garmin Stock Down 1.5 %

Garmin stock opened at $159.53 on Monday. The business has a fifty day moving average of $158.06 and a two-hundred day moving average of $140.66. The firm has a market cap of $30.64 billion, a P/E ratio of 22.50, a P/E/G ratio of 3.44 and a beta of 0.98. Garmin Ltd. has a twelve month low of $99.61 and a twelve month high of $171.64.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. Equities analysts expect that Garmin Ltd. will post 5.77 earnings per share for the current year.

Insider Activity

In other news, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the sale, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Douglas G. Boessen sold 2,350 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the transaction, the executive vice president now directly owns 58,412 shares in the company, valued at $9,551,530.24. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

GRMN has been the topic of several research analyst reports. Tigress Financial increased their price objective on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, May 14th. Barclays increased their price objective on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. increased their price objective on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Finally, Barrington Research increased their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $156.83.

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.