Garmin Ltd. (NYSE:GRMN) Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 3.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,412 shares of the scientific and technical instruments company’s stock after selling 426 shares during the period. Nordea Investment Management AB’s holdings in Garmin were worth $2,573,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in Garmin during the 2nd quarter valued at $31,000. Larson Financial Group LLC lifted its position in Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares during the period. Benjamin Edwards Inc. boosted its stake in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after buying an additional 99 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Garmin in the third quarter valued at approximately $39,000. Finally, Headlands Technologies LLC purchased a new position in Garmin during the second quarter worth approximately $46,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Down 1.1 %

GRMN stock opened at $209.15 on Friday. The firm has a 50 day simple moving average of $210.93 and a 200-day simple moving average of $185.52. The company has a market capitalization of $40.16 billion, a P/E ratio of 26.54, a PEG ratio of 1.42 and a beta of 0.98. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. On average, research analysts predict that Garmin Ltd. will post 7.01 EPS for the current year.

Wall Street Analyst Weigh In

GRMN has been the subject of several research reports. Tigress Financial boosted their price objective on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research note on Monday, December 16th. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Barclays lifted their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $171.00.

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.