Frank Rimerman Advisors LLC Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Frank Rimerman Advisors LLC acquired a new position in shares of Garmin Ltd. (NYSE:GRMN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,249 shares of the scientific and technical instruments company’s stock, valued at approximately $1,018,000.

Other hedge funds have also recently bought and sold shares of the company. Clearstead Trust LLC acquired a new position in Garmin during the first quarter worth $30,000. Family Firm Inc. bought a new stake in shares of Garmin during the second quarter worth $35,000. Benjamin Edwards Inc. grew its holdings in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Garmin during the second quarter worth $46,000. Finally, West Oak Capital LLC bought a new stake in shares of Garmin during the second quarter worth $53,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following 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 Securities & Exchange Commission, which is available at this link. In other Garmin news, Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following 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 Securities & Exchange Commission, which is available at this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock worth $2,296,174 over the last 90 days. Insiders own 19.54% of the company’s stock.

Garmin Stock Down 0.4 %

Garmin stock opened at $171.00 on Monday. The business’s 50-day simple moving average is $174.48 and its 200 day simple moving average is $162.63. The stock has a market cap of $32.85 billion, a price-to-earnings ratio of 24.12, a P/E/G ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.18. The business 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 firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.45 earnings per share. As a group, sell-side analysts expect that Garmin Ltd. will post 6.05 EPS for the current year.

Analysts Set New Price Targets

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

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.