GAMMA Investing LLC Purchases 613 Shares of Garmin Ltd. (NYSE:GRMN)

GAMMA Investing LLC increased its holdings in Garmin Ltd. (NYSE:GRMN) by 23.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,216 shares of the scientific and technical instruments company’s stock after purchasing an additional 613 shares during the period. GAMMA Investing LLC’s holdings in Garmin were worth $566,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of GRMN. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin in the 2nd quarter worth about $31,000. Clearstead Trust LLC purchased a new position in Garmin in the first quarter worth about $30,000. Family Firm Inc. bought a new stake in Garmin during the second quarter worth approximately $35,000. Benjamin Edwards Inc. raised its position in Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Garmin in the 2nd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GRMN. Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $155.00 to $138.00 in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $158.50.

Insider Activity

In other 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 transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly 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 filing with the SEC, which is available at this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’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 directly 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 disclosure for this sale can be found here. In the last quarter, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by corporate insiders.

Garmin Price Performance

GRMN stock opened at $164.64 on Wednesday. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42. The firm’s 50-day moving average is $174.35 and its 200 day moving average is $164.68. The company has a market capitalization of $31.62 billion, a PE ratio of 23.22, a P/E/G ratio of 3.04 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued 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. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period last year, the company posted $1.45 earnings per share. Sell-side analysts forecast that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

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.