Northwestern Mutual Wealth Management Co. Sells 1,900 Shares of Garmin Ltd. (NYSE:GRMN)

Northwestern Mutual Wealth Management Co. trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 40.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,816 shares of the scientific and technical instruments company’s stock after selling 1,900 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Garmin were worth $459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GRMN. Rafferty Asset Management LLC increased its stake in shares of Garmin by 3.0% in the fourth quarter. Rafferty Asset Management LLC now owns 12,893 shares of the scientific and technical instruments company’s stock valued at $1,657,000 after buying an additional 379 shares in the last quarter. Neuberger Berman Group LLC increased its position in Garmin by 67.5% in the 4th quarter. Neuberger Berman Group LLC now owns 13,576 shares of the scientific and technical instruments company’s stock valued at $1,745,000 after acquiring an additional 5,470 shares in the last quarter. Clear Street Markets LLC acquired a new stake in Garmin in the 4th quarter valued at about $476,000. Bontempo Ohly Capital Mgmt LLC raised its stake in shares of Garmin by 1.7% in the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 39,262 shares of the scientific and technical instruments company’s stock worth $5,047,000 after acquiring an additional 654 shares during the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in shares of Garmin during the fourth quarter worth approximately $74,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Philip Straub sold 2,750 shares of Garmin 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 owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,892 shares of company stock worth $2,296,174. Company insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

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

Garmin Stock Up 0.9 %

Shares of Garmin 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 business has a fifty day simple moving average of $174.35 and a 200 day simple moving average of $164.68. The stock has a market cap of $31.62 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 3.04 and a beta of 0.99.

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 return on equity of 17.09% and a net margin of 24.36%. The company 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 posted $1.45 EPS. Garmin’s revenue was up 14.3% on a year-over-year basis. Analysts expect 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.