Narwhal Capital Management Sells 3,726 Shares of Garmin Ltd. (NYSE:GRMN)

Narwhal Capital Management decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 16.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,447 shares of the scientific and technical instruments company’s stock after selling 3,726 shares during the period. Narwhal Capital Management’s holdings in Garmin were worth $3,805,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Public Sector Pension Investment Board lifted its position in shares of Garmin by 71.2% in the second quarter. Public Sector Pension Investment Board now owns 5,982 shares of the scientific and technical instruments company’s stock valued at $975,000 after acquiring an additional 2,487 shares in the last quarter. MBB Public Markets I LLC purchased a new position in Garmin in the 2nd quarter worth approximately $1,591,000. Scientech Research LLC bought a new position in Garmin in the 2nd quarter worth approximately $337,000. Algert Global LLC purchased a new stake in Garmin during the 2nd quarter valued at approximately $508,000. Finally, Creative Planning raised its position in shares of Garmin by 7.6% during the second quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock valued at $5,456,000 after buying an additional 2,380 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GRMN. Tigress Financial upped their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. Morgan Stanley downgraded shares of 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 report on Monday, October 7th. Finally, Barclays lifted their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Garmin presently has a consensus rating of “Hold” and an average target price of $171.00.

Garmin Stock Down 0.6 %

Garmin stock opened at $214.37 on Monday. The company’s 50-day moving average price is $211.85 and its 200-day moving average price is $189.20. The company has a market cap of $41.16 billion, a PE ratio of 27.20, a price-to-earnings-growth ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.41 earnings per share. As a group, sell-side analysts expect that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

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.