First American Bank Cuts Holdings in Garmin Ltd. (NYSE:GRMN)

First American Bank trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 11.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,296 shares of the scientific and technical instruments company’s stock after selling 1,637 shares during the period. First American Bank’s holdings in Garmin were worth $2,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of GRMN. AQR Capital Management LLC raised its stake in shares of Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Garmin in the 2nd quarter valued at approximately $45,999,000. Marshall Wace LLP increased its stake in Garmin by 34.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares in the last quarter. M&G Plc purchased a new position in Garmin in the 1st quarter valued at approximately $38,727,000. Finally, Wedge Capital Management L L P NC purchased a new position in Garmin in the 3rd quarter valued at approximately $45,501,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on 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 owns 40,965 shares in the company, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on 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 transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Philip Straub sold 2,750 shares of Garmin 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 in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock worth $2,296,174 over the last quarter. 19.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial raised their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $158.50.

Garmin Stock Up 0.2 %

GRMN stock opened at $162.30 on Monday. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $184.42. The stock’s fifty day simple moving average is $173.31 and its 200-day simple moving average is $166.44. The stock has a market capitalization of $31.20 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 2.81 and a beta of 0.99.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (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 last year, the firm earned $1.45 earnings per share. The business’s revenue was up 14.3% on a year-over-year basis. As a group, analysts anticipate that Garmin Ltd. will post 6.08 earnings per share 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.