Private Advisor Group LLC Grows Position in Garmin Ltd. (NYSE:GRMN)

Private Advisor Group LLC raised its holdings in Garmin Ltd. (NYSE:GRMN) by 2.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,314 shares of the scientific and technical instruments company’s stock after purchasing an additional 83 shares during the period. Private Advisor Group LLC’s holdings in Garmin were worth $759,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Narwhal Capital Management raised its holdings in Garmin by 15.8% during the 3rd quarter. Narwhal Capital Management now owns 22,173 shares of the scientific and technical instruments company’s stock valued at $3,903,000 after acquiring an additional 3,026 shares during the period. Eastern Bank bought a new stake in shares of Garmin during the 3rd quarter valued at $176,000. Allspring Global Investments Holdings LLC raised its stake in shares of Garmin by 172.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,351 shares of the scientific and technical instruments company’s stock valued at $8,511,000 after purchasing an additional 30,598 shares during the period. Vest Financial LLC lifted its holdings in Garmin by 16.5% during the 3rd quarter. Vest Financial LLC now owns 166,242 shares of the scientific and technical instruments company’s stock worth $29,264,000 after purchasing an additional 23,519 shares in the last quarter. Finally, Wealth Alliance Advisory Group LLC bought a new position in Garmin in the 3rd quarter worth about $204,000. Institutional investors own 73.41% of the company’s stock.

Analysts Set New Price Targets

GRMN has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays increased their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Tigress Financial increased their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Three 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $162.67.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’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 transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’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 transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Philip Straub sold 2,750 shares of the company’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 transaction, the director now 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 disclosure for this sale can be found here. In the last three months, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Down 0.1 %

Shares of NYSE GRMN opened at $198.18 on Friday. The firm has a market capitalization of $38.05 billion, a P/E ratio of 25.15, a P/E/G ratio of 3.03 and a beta of 0.97. The stock’s 50-day simple moving average is $174.22 and its two-hundred day simple moving average is $167.80. Garmin Ltd. has a twelve month low of $112.01 and a twelve month high of $207.22.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company earned $1.41 EPS. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. As a group, research analysts anticipate that Garmin Ltd. will post 6.85 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.