Confluence Wealth Services Inc. Raises Stock Position in Garmin Ltd. (NYSE:GRMN)

Confluence Wealth Services Inc. grew its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 7.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,414 shares of the scientific and technical instruments company’s stock after buying an additional 419 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Garmin were worth $1,129,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GRMN. Norden Group LLC purchased a new position in Garmin during the first quarter worth $847,000. Janney Montgomery Scott LLC grew its holdings in Garmin by 4.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 135,709 shares of the scientific and technical instruments company’s stock valued at $20,203,000 after purchasing an additional 5,863 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Garmin in the 1st quarter worth about $164,000. Nordea Investment Management AB raised its position in Garmin by 4.4% in the 1st quarter. Nordea Investment Management AB now owns 10,111 shares of the scientific and technical instruments company’s stock worth $1,503,000 after purchasing an additional 430 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in Garmin by 12.5% in the first quarter. Daiwa Securities Group Inc. now owns 15,122 shares of the scientific and technical instruments company’s stock worth $2,251,000 after purchasing an additional 1,677 shares during the last quarter. Institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

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 transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The trade was 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 at the SEC website. In related news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the company’s 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 transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,892 shares of company stock valued at $2,296,174. 19.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GRMN shares. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays boosted their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Tigress Financial raised their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus target price of $162.67.

Garmin Price Performance

GRMN stock opened at $198.18 on Monday. Garmin Ltd. has a 1-year low of $112.01 and a 1-year high of $207.22. The business has a 50-day moving average price of $174.22 and a 200 day moving average price of $167.99. The company has a market capitalization of $38.05 billion, a P/E ratio of 25.15, a PEG ratio of 3.03 and a beta of 0.97.

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