BankPlus Wealth Management LLC Buys New Holdings in Garmin Ltd. (NYSE:GRMN)

BankPlus Wealth Management LLC purchased a new position in shares of Garmin Ltd. (NYSE:GRMN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,239 shares of the scientific and technical instruments company’s stock, valued at approximately $668,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GRMN. Pinnacle Bancorp Inc. bought a new position in shares of Garmin during the 4th quarter worth approximately $29,000. University of Texas Texas AM Investment Management Co. acquired a new position in Garmin during the second quarter worth $31,000. Larson Financial Group LLC lifted its holdings in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 162 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in shares of Garmin in the 3rd quarter valued at $39,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Garmin in the 3rd quarter worth about $59,000. Institutional investors own 81.60% of the company’s stock.

Garmin Trading Up 0.3 %

Shares of GRMN stock opened at $214.90 on Tuesday. The firm has a market capitalization of $41.26 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 1.31 and a beta of 0.98. The firm’s 50 day moving average is $211.85 and its 200-day moving average is $189.38. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $222.97.

Garmin (NYSE:GRMN) last posted its quarterly earnings data 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. The firm 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 for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 EPS. On average, equities research analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of Garmin 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. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GRMN shares. Tigress Financial boosted their price target 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 downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Barclays increased their price target on Garmin from $133.00 to $158.00 and gave the stock 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 issued a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.