Garmin Ltd. (NYSE:GRMN) Stock Position Lessened by Raymond James & Associates

Raymond James & Associates trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 15.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 118,924 shares of the scientific and technical instruments company’s stock after selling 22,412 shares during the period. Raymond James & Associates owned approximately 0.06% of Garmin worth $20,934,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. NovaPoint Capital LLC boosted its stake in Garmin by 3.2% during the 3rd quarter. NovaPoint Capital LLC now owns 23,524 shares of the scientific and technical instruments company’s stock valued at $4,141,000 after purchasing an additional 734 shares in the last quarter. Blue Trust Inc. boosted its stake in Garmin by 111.7% during the third quarter. Blue Trust Inc. now owns 1,319 shares of the scientific and technical instruments company’s stock valued at $215,000 after buying an additional 696 shares in the last quarter. Inspire Advisors LLC grew its holdings in Garmin by 16.5% during the third quarter. Inspire Advisors LLC now owns 7,858 shares of the scientific and technical instruments company’s stock worth $1,383,000 after acquiring an additional 1,115 shares during the period. Claro Advisors LLC bought a new stake in Garmin in the third quarter worth about $3,033,000. Finally, V Square Quantitative Management LLC lifted its holdings in Garmin by 7.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,208 shares of the scientific and technical instruments company’s stock valued at $389,000 after acquiring an additional 158 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

Garmin Stock Up 0.2 %

Shares of Garmin stock opened at $162.30 on Friday. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42. The stock has a market cap of $31.17 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 2.85 and a beta of 0.99. The business has a fifty day simple moving average of $173.31 and a 200-day simple moving average of $166.17.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.45 EPS. Analysts expect that Garmin Ltd. will post 6.08 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Philip Straub sold 2,750 shares of the firm’s 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 owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’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 $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on GRMN shares. Tigress Financial boosted their target price on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $181.00 to $133.00 in a report on Friday, September 13th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $158.50.

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.