Financial Advocates Investment Management Sells 398 Shares of Garmin Ltd. (NYSE:GRMN)

Financial Advocates Investment Management lessened its stake in Garmin Ltd. (NYSE:GRMN) by 6.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,768 shares of the scientific and technical instruments company’s stock after selling 398 shares during the quarter. Financial Advocates Investment Management’s holdings in Garmin were worth $1,190,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Truist Financial Corp boosted its holdings in Garmin by 2.2% during the 2nd quarter. Truist Financial Corp now owns 6,743 shares of the scientific and technical instruments company’s stock worth $1,099,000 after acquiring an additional 148 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Garmin during the second quarter worth about $1,424,000. Czech National Bank grew its position in Garmin by 7.0% in the 3rd quarter. Czech National Bank now owns 31,324 shares of the scientific and technical instruments company’s stock worth $5,514,000 after purchasing an additional 2,043 shares in the last quarter. Fulton Bank N.A. increased its stake in Garmin by 5.4% in the 3rd quarter. Fulton Bank N.A. now owns 2,241 shares of the scientific and technical instruments company’s stock valued at $394,000 after buying an additional 115 shares during the last quarter. Finally, Mather Group LLC. lifted its position in shares of Garmin by 3.2% during the 3rd quarter. Mather Group LLC. now owns 3,490 shares of the scientific and technical instruments company’s stock worth $614,000 after buying an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 19.54% of the stock is owned by insiders.

Garmin Stock Performance

Shares of GRMN opened at $219.77 on Friday. The firm has a market cap of $42.20 billion, a P/E ratio of 27.89, a price-to-earnings-growth ratio of 1.30 and a beta of 0.98. The business has a 50-day moving average of $212.87 and a 200 day moving average of $191.82. Garmin Ltd. has a fifty-two week low of $120.06 and a fifty-two week high of $222.97.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GRMN. Tigress Financial increased their price target on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Barclays raised their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $171.00.

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.