Envestnet Asset Management Inc. Acquires 12,616 Shares of Garmin Ltd. (NYSE:GRMN)

Envestnet Asset Management Inc. lifted its stake in Garmin Ltd. (NYSE:GRMN) by 8.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 163,517 shares of the scientific and technical instruments company’s stock after purchasing an additional 12,616 shares during the quarter. Envestnet Asset Management Inc. owned about 0.09% of Garmin worth $26,640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in GRMN. Clearstead Trust LLC purchased a new position in Garmin during the first quarter valued at $30,000. Family Firm Inc. purchased a new position in shares of Garmin in the 2nd quarter worth about $35,000. Headlands Technologies LLC bought a new position in Garmin in the 2nd quarter worth about $46,000. West Oak Capital LLC purchased a new stake in Garmin during the 2nd quarter valued at about $53,000. Finally, Voisard Asset Management Group Inc. bought a new stake in Garmin during the 4th quarter valued at about $65,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Price Performance

Shares of GRMN opened at $171.00 on Friday. The firm has a market capitalization of $32.85 billion, a P/E ratio of 24.12, a PEG ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The business has a fifty day moving average of $174.48 and a 200 day moving average of $162.47.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the company posted $1.45 EPS. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. Analysts expect that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin 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 transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,892 shares of company stock valued at $2,296,174. Insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on GRMN shares. Tigress Financial upped their target price on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $152.17.

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.