Hsbc Holdings PLC Sells 28,375 Shares of Garmin Ltd. (NYSE:GRMN)

Hsbc Holdings PLC lowered its position in Garmin Ltd. (NYSE:GRMN) by 21.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 106,928 shares of the scientific and technical instruments company’s stock after selling 28,375 shares during the period. Hsbc Holdings PLC owned about 0.06% of Garmin worth $17,368,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Clearstead Trust LLC purchased a new stake in shares of Garmin during the first quarter worth about $30,000. Family Firm Inc. purchased a new stake in Garmin during the 2nd quarter valued at approximately $35,000. Headlands Technologies LLC purchased a new stake in Garmin during the 2nd quarter valued at approximately $46,000. West Oak Capital LLC bought a new stake in shares of Garmin during the second quarter valued at approximately $53,000. Finally, Voisard Asset Management Group Inc. purchased a new position in shares of Garmin in the fourth quarter worth $65,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated 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 transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on 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 owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,892 shares of company stock valued at $2,296,174. 19.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GRMN has been the subject of several research analyst reports. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus target price of $152.17.

Garmin Trading Down 0.4 %

GRMN opened at $171.00 on Monday. The stock has a 50-day moving average of $174.48 and a 200 day moving average of $162.63. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42. The firm has a market cap of $32.85 billion, a P/E ratio of 24.12, a P/E/G ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping 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 firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business earned $1.45 EPS. The company’s quarterly revenue was up 14.3% on a year-over-year basis. On average, research analysts forecast that Garmin Ltd. will post 6.05 earnings per share for the current fiscal year.

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.