Pinnacle Bancorp Inc. Makes New $29,000 Investment in Garmin Ltd. (NYSE:GRMN)

Pinnacle Bancorp Inc. bought a new position in Garmin Ltd. (NYSE:GRMN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 140 shares of the scientific and technical instruments company’s stock, valued at approximately $29,000.

Other institutional investors have also recently made changes to their positions in the company. Park Avenue Securities LLC boosted its holdings in Garmin by 62.2% during the 4th quarter. Park Avenue Securities LLC now owns 6,116 shares of the scientific and technical instruments company’s stock valued at $1,261,000 after acquiring an additional 2,345 shares during the period. Board of the Pension Protection Fund bought a new stake in shares of Garmin during the fourth quarter worth $1,031,000. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Garmin during the fourth quarter valued at $220,000. Tealwood Asset Management Inc. grew its holdings in shares of Garmin by 0.5% in the fourth quarter. Tealwood Asset Management Inc. now owns 15,405 shares of the scientific and technical instruments company’s stock worth $3,177,000 after purchasing an additional 75 shares during the last quarter. Finally, Pallas Capital Advisors LLC increased its stake in Garmin by 84.2% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,073 shares of the scientific and technical instruments company’s stock worth $634,000 after buying an additional 1,405 shares during the period. Institutional investors own 81.60% of the company’s stock.

Insiders Place Their Bets

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

Garmin Stock Up 0.4 %

Shares of GRMN stock opened at $215.50 on Friday. The firm has a market cap of $41.38 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 1.26 and a beta of 0.98. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97. The company’s 50 day moving average is $211.45 and its 200 day moving average is $187.12.

Garmin (NYSE:GRMN) last announced its quarterly earnings results 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 business’s revenue was up 24.1% compared to the same quarter last year. During the same period last year, the business posted $1.41 EPS. Analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Tigress Financial boosted their price objective on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, Barclays lifted 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 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $171.00.

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.