Sanctuary Advisors LLC Takes Position in Garmin Ltd. (NYSE:GRMN)

Sanctuary Advisors LLC bought a new stake in Garmin Ltd. (NYSE:GRMN) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,739 shares of the scientific and technical instruments company’s stock, valued at approximately $1,424,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GRMN. Clear Street Markets LLC acquired a new position in Garmin in the fourth quarter valued at $476,000. Bontempo Ohly Capital Mgmt LLC boosted its holdings in Garmin by 1.7% in the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 39,262 shares of the scientific and technical instruments company’s stock valued at $5,047,000 after acquiring an additional 654 shares during the last quarter. Clarity Asset Management Inc. acquired a new position in Garmin in the fourth quarter valued at $74,000. Voisard Asset Management Group Inc. acquired a new position in Garmin in the fourth quarter valued at $65,000. Finally, EP Wealth Advisors LLC acquired a new position in Garmin in the fourth quarter valued at $453,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research analyst reports. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $181.00 to $133.00 in a report on Friday, September 13th. Tigress Financial boosted their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $155.00 to $138.00 in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $158.50.

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the business’s 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 completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, 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 value 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Philip Straub sold 2,750 shares of the company’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 value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock valued at $2,296,174 over the last three months. 19.54% of the stock is owned by insiders.

Garmin Stock Performance

NYSE:GRMN opened at $165.31 on Thursday. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The business’s 50-day simple moving average is $174.05 and its 200 day simple moving average is $164.80. The stock has a market cap of $31.75 billion, a price-to-earnings ratio of 23.12, a price-to-earnings-growth ratio of 3.04 and a beta of 0.99.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the firm posted $1.45 earnings per share. The company’s revenue was up 14.3% compared to the same quarter last year. On average, equities research analysts predict that Garmin Ltd. will post 6.05 EPS for the current year.

Garmin 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.