Wedge Capital Management L L P NC reduced its holdings in Garmin Ltd. (NYSE:GRMN – Free Report) by 10.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,688 shares of the scientific and technical instruments company’s stock after selling 27,794 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Garmin were worth $47,582,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the business. Outlook Wealth Advisors LLC raised its position in Garmin by 2.6% in the fourth quarter. Outlook Wealth Advisors LLC now owns 2,332 shares of the scientific and technical instruments company’s stock worth $481,000 after acquiring an additional 58 shares in the last quarter. Sumitomo Life Insurance Co. increased its holdings in shares of Garmin by 0.9% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after purchasing an additional 61 shares in the last quarter. Elo Mutual Pension Insurance Co lifted its stake in shares of Garmin by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after purchasing an additional 70 shares during the period. Tealwood Asset Management Inc. boosted its holdings in Garmin by 0.5% during 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 buying an additional 75 shares in the last quarter. Finally, Buckingham Capital Management Inc. boosted its holdings in Garmin by 0.7% during the third quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock worth $2,062,000 after buying an additional 80 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have recently issued reports on GRMN. Barclays lifted their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Tigress Financial lifted their price objective on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price 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 issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $171.00.
Insider Activity
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 transaction of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.
Garmin Stock Performance
Shares of NYSE:GRMN opened at $215.50 on Friday. The business’s fifty day moving average price is $211.45 and its two-hundred day moving average price is $187.12. The stock has a market cap of $41.38 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 1.26 and a beta of 0.98. Garmin Ltd. has a one year low of $119.15 and a one year high of $222.97.
Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the business posted $1.41 EPS. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. As a group, equities research analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.
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.
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