Gulf International Bank UK Ltd Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

Gulf International Bank UK Ltd cut its position in Garmin Ltd. (NYSE:GRMN) by 5.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,123 shares of the scientific and technical instruments company’s stock after selling 640 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Garmin were worth $2,134,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. LBP AM SA boosted its stake in Garmin by 81.4% during the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock valued at $1,084,000 after buying an additional 3,268 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Garmin by 3.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after acquiring an additional 5,945 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Garmin by 51.7% during the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after purchasing an additional 9,681 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Garmin by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock worth $26,500,000 after purchasing an additional 7,553 shares during the last quarter. Finally, Twin Tree Management LP purchased a new stake in Garmin in the first quarter valued at approximately $3,680,000. 73.41% of the stock is owned by institutional investors.

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s 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 sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 in the last three months. 19.54% of the stock is owned by insiders.

Garmin Trading Up 2.7 %

Shares of NYSE:GRMN opened at $209.67 on Thursday. The stock has a market capitalization of $40.26 billion, a P/E ratio of 26.61, a price-to-earnings-growth ratio of 3.22 and a beta of 0.97. The stock’s 50-day moving average price is $175.69 and its 200-day moving average price is $169.15. Garmin Ltd. has a 12-month low of $114.49 and a 12-month high of $210.33.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the company earned $1.41 EPS. Garmin’s revenue for the quarter was up 24.1% compared to the same quarter last year. As a group, research analysts predict that Garmin Ltd. will post 6.52 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Barclays lifted their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three equities 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $162.67.

Garmin Company 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.