Choreo LLC Makes New $415,000 Investment in Garmin Ltd. (NYSE:GRMN)

Choreo LLC purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,570 shares of the scientific and technical instruments company’s stock, valued at approximately $415,000.

A number of other hedge funds have also recently modified their holdings of GRMN. Clearstead Trust LLC acquired a new position in Garmin in the first quarter valued at about $30,000. Frazier Financial Advisors LLC purchased a new position in Garmin during the fourth quarter worth about $33,000. Family Firm Inc. purchased a new position in Garmin during the second quarter worth about $35,000. West Oak Capital LLC purchased a new position in Garmin during the second quarter worth about $53,000. Finally, Principal Securities Inc. purchased a new position in Garmin during the fourth quarter worth about $65,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GRMN shares. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Bank of America lowered shares of Garmin from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Finally, Barclays lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $181.00 to $133.00 in a research note on Friday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus target price of $151.33.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’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 sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’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 sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 over the last 90 days. 19.54% of the stock is owned by insiders.

Garmin Stock Performance

NYSE GRMN opened at $172.62 on Tuesday. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The firm has a 50 day simple moving average of $174.02 and a 200-day simple moving average of $161.74. The firm has a market cap of $33.16 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the firm earned $1.45 earnings per share. The firm’s quarterly revenue was up 14.3% on a year-over-year basis. Equities analysts predict that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

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.