Tealwood Asset Management Inc. Sells 219 Shares of Garmin Ltd. (NYSE:GRMN)

Tealwood Asset Management Inc. cut its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,330 shares of the scientific and technical instruments company’s stock after selling 219 shares during the quarter. Garmin makes up 1.2% of Tealwood Asset Management Inc.’s portfolio, making the stock its 19th largest position. Tealwood Asset Management Inc.’s holdings in Garmin were worth $2,699,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GRMN. AQR Capital Management LLC lifted its position in Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Garmin during the 2nd quarter worth about $45,999,000. Marshall Wace LLP lifted its position in Garmin by 34.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after buying an additional 278,990 shares in the last quarter. M&G Plc bought a new stake in Garmin during the 1st quarter worth about $38,727,000. Finally, SW Investment Management LLC bought a new stake in Garmin during the 4th quarter worth about $28,279,000. 73.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Tigress Financial upped their target price on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $181.00 to $133.00 in a report on Friday, September 13th. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $155.00 to $138.00 in a report on Monday. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $158.50.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Philip Straub sold 2,750 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred 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 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,892 shares of company stock valued at $2,296,174. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

GRMN traded up $1.33 on Tuesday, reaching $164.46. The company had a trading volume of 118,737 shares, compared to its average volume of 838,309. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $184.42. The stock has a market cap of $31.59 billion, a P/E ratio of 23.02, a P/E/G ratio of 3.04 and a beta of 0.99. The company’s fifty day moving average is $174.61 and its 200 day moving average is $164.57.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business earned $1.45 EPS. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts expect that Garmin Ltd. will post 6.05 EPS for the current year.

Garmin Company 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.