Advisory Services Network LLC Cuts Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Advisory Services Network LLC reduced its stake in Garmin Ltd. (NYSE:GRMNFree Report) by 47.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,188 shares of the scientific and technical instruments company’s stock after selling 2,858 shares during the quarter. Advisory Services Network LLC’s holdings in Garmin were worth $410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of GRMN. 1620 Investment Advisors Inc. grew its position in Garmin by 4.0% in the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after acquiring an additional 84 shares in the last quarter. Greenleaf Trust increased its position in shares of Garmin by 2.5% during the 4th quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock valued at $452,000 after purchasing an additional 87 shares during the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of Garmin by 1.4% during the 4th quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock valued at $924,000 after buying an additional 96 shares in the last quarter. Blue Trust Inc. lifted its position in Garmin by 35.2% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its stake in Garmin by 32.0% in the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock worth $60,000 after buying an additional 113 shares in the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In other news, Director Jonathan Burrell sold 15,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $141.55, for a total value of $2,123,250.00. Following the completion of the sale, the director now directly owns 698,834 shares of the company’s stock, valued at approximately $98,919,952.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 75,000 shares of company stock valued at $10,790,850. 19.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on GRMN. Barrington Research lifted their price target on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Barclays boosted their price target on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. boosted their target price on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $156.83.

Read Our Latest Analysis on GRMN

Garmin Price Performance

NYSE GRMN opened at $163.85 on Monday. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $171.64. The stock has a market capitalization of $31.47 billion, a PE ratio of 23.11, a PEG ratio of 3.53 and a beta of 0.98. The business’s 50-day moving average is $154.94 and its 200 day moving average is $137.68.

Garmin (NYSE:GRMNGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. As a group, equities research analysts anticipate that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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