Garmin Ltd. (NYSE:GRMN) Holdings Cut by Aigen Investment Management LP

Aigen Investment Management LP reduced its stake in Garmin Ltd. (NYSE:GRMN) by 48.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,081 shares of the scientific and technical instruments company’s stock after selling 4,843 shares during the period. Aigen Investment Management LP’s holdings in Garmin were worth $894,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in GRMN. Clearstead Trust LLC bought a new position in Garmin during the 1st quarter worth $30,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the second quarter valued at $31,000. Family Firm Inc. bought a new position in shares of Garmin during the second quarter worth about $35,000. Benjamin Edwards Inc. increased its holdings in shares of Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Garmin in the 2nd quarter valued at about $46,000. 73.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

GRMN has been the topic of several analyst reports. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. 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. Tigress Financial boosted 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. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. 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. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $162.67.

Garmin Stock Performance

GRMN opened at $213.76 on Wednesday. The company has a market capitalization of $41.05 billion, a PE ratio of 27.13, a P/E/G ratio of 3.24 and a beta of 0.97. The stock’s fifty day moving average is $177.47 and its 200-day moving average is $170.81. Garmin Ltd. has a one year low of $116.01 and a one year high of $214.83.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping 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 firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the business earned $1.41 earnings per share. Garmin’s revenue for the quarter was up 24.1% compared to the same quarter last year. On average, equities research analysts forecast that Garmin Ltd. will post 6.88 EPS for the current fiscal year.

Insider Activity at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,479 shares of company stock valued at $2,419,502 over the last ninety days. Insiders own 19.54% of the company’s stock.

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.