Sei Investments Co. Sells 11,594 Shares of Garmin Ltd. (NYSE:GRMN)

Sei Investments Co. trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 181,476 shares of the scientific and technical instruments company’s stock after selling 11,594 shares during the quarter. Sei Investments Co. owned 0.09% of Garmin worth $29,566,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GRMN. Epoch Investment Partners Inc. bought a new stake in shares of Garmin during the 4th quarter valued at $54,460,000. Renaissance Technologies LLC bought a new stake in shares of Garmin during the 2nd quarter valued at $45,999,000. M&G Plc bought a new stake in shares of Garmin during the 1st quarter valued at $38,727,000. SW Investment Management LLC bought a new stake in shares of Garmin during the 4th quarter valued at $28,279,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Garmin by 28.4% during the 4th 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 purchasing an additional 190,739 shares during the period. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GRMN. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $152.17.

Garmin Trading Up 2.8 %

GRMN opened at $175.81 on Tuesday. The stock has a 50-day moving average price of $174.60 and a 200-day moving average price of $162.87. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42. The stock has a market capitalization of $33.77 billion, a P/E ratio of 24.80, a PEG ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (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 period in the prior year, the business earned $1.45 EPS. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, equities research analysts predict that Garmin Ltd. will post 6.05 EPS for the current year.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated 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 in the company, valued at approximately $7,257,359.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated 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 in the company, valued at approximately $7,257,359.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Philip Straub sold 2,750 shares of the 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 sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 in the last ninety days. 19.54% of the stock is owned by company 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.