Northern Trust Corp Cuts Stock Position in Garmin Ltd. (NYSE:GRMN)

Northern Trust Corp lowered its stake in Garmin Ltd. (NYSE:GRMNFree Report) by 4.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,556,960 shares of the scientific and technical instruments company’s stock after selling 73,188 shares during the period. Northern Trust Corp owned 0.81% of Garmin worth $200,132,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its position in Garmin by 28.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after acquiring an additional 190,739 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Garmin by 153.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 291,918 shares of the scientific and technical instruments company’s stock valued at $37,737,000 after acquiring an additional 176,908 shares in the last quarter. Norges Bank bought a new position in Garmin in the 4th quarter valued at approximately $20,848,000. Invesco Ltd. lifted its position in Garmin by 10.7% in the 3rd quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock valued at $148,459,000 after acquiring an additional 136,929 shares in the last quarter. Finally, Barlow Wealth Partners Inc. bought a new position in Garmin in the 4th quarter valued at approximately $16,815,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling

In related news, Director Jonathan Burrell sold 15,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $146.15, for a total value of $2,192,250.00. Following the transaction, the director now directly owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $146.15, for a total value of $2,192,250.00. Following the completion of the sale, the director now owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,126 shares of company stock valued at $5,100,284. 19.54% of the stock is owned by company insiders.

Garmin Price Performance

NYSE GRMN opened at $163.26 on Monday. The business’s fifty day moving average price is $156.49 and its 200-day moving average price is $139.22. The stock has a market capitalization of $31.36 billion, a price-to-earnings ratio of 23.03, a PEG ratio of 3.52 and a beta of 0.98. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $171.64.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GRMN shares. Barclays upped their price objective on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. upped their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Barrington Research increased their price target on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Tigress Financial increased their price target on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a report on Tuesday, May 14th. Finally, Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Garmin presently has an average rating of “Hold” and an average target price of $156.83.

Check Out Our Latest Research Report on GRMN

Garmin Company 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.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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