Wealth Advisors of Tampa Bay LLC Has $4.20 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Wealth Advisors of Tampa Bay LLC increased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,790 shares of the scientific and technical instruments company’s stock after acquiring an additional 300 shares during the period. Garmin comprises about 2.0% of Wealth Advisors of Tampa Bay LLC’s investment portfolio, making the stock its 17th biggest position. Wealth Advisors of Tampa Bay LLC’s holdings in Garmin were worth $4,202,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Clearstead Trust LLC bought a new stake in Garmin during the 1st quarter worth about $30,000. Family Firm Inc. acquired a new stake in Garmin during the 2nd quarter worth $35,000. Frazier Financial Advisors LLC bought a new stake in shares of Garmin during the 4th quarter valued at $33,000. Headlands Technologies LLC acquired a new position in shares of Garmin in the 2nd quarter valued at $46,000. Finally, West Oak Capital LLC bought a new position in shares of Garmin in the 2nd quarter worth $53,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Price Performance

NYSE:GRMN opened at $171.76 on Friday. The business’s 50-day simple moving average is $174.44 and its 200-day simple moving average is $162.10. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $184.42. The stock has a market capitalization of $32.99 billion, a PE ratio of 24.23, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating 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 firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm posted $1.45 earnings per share. The business’s revenue was up 14.3% on a year-over-year basis. On average, research analysts expect that Garmin Ltd. will post 6.05 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial increased their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday. Finally, Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $181.00 to $133.00 in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $152.17.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin 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 sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Philip Straub sold 2,750 shares of the firm’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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated 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 directly owns 40,965 shares in the company, valued at $7,257,359.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,892 shares of company stock valued at $2,296,174. Company insiders own 19.54% of the company’s stock.

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.