Garmin Ltd. $GRMN Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 3.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 642,603 shares of the scientific and technical instruments company’s stock after selling 26,175 shares during the period. Thrivent Financial for Lutherans owned approximately 0.33% of Garmin worth $158,222,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of GRMN. Andra AP fonden lifted its position in shares of Garmin by 87.2% during the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after purchasing an additional 31,200 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Garmin by 4.2% during the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after buying an additional 4,943 shares in the last quarter. EFG Asset Management Americas Corp. lifted its stake in Garmin by 34.1% during the second quarter. EFG Asset Management Americas Corp. now owns 10,455 shares of the scientific and technical instruments company’s stock worth $2,182,000 after purchasing an additional 2,659 shares during the period. Vanguard Group Inc. lifted its position in shares of Garmin by 6.9% during the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after buying an additional 1,273,163 shares during the period. Finally, First Horizon Corp bought a new position in shares of Garmin during the third quarter valued at $7,834,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Douglas G. Boessen sold 2,485 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares of the company’s stock, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 10,431 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the completion of the transaction, the chief executive officer directly owned 135,180 shares in the company, valued at $27,878,171.40. This trade represents a 7.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 16,594 shares of company stock worth $3,437,592. Company insiders own 15.38% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $201.48 on Friday. The company has a market capitalization of $38.75 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 2.16 and a beta of 1.00. Garmin Ltd. has a 52-week low of $169.26 and a 52-week high of $261.69. The company has a fifty day moving average of $204.58 and a 200-day moving average of $221.99.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, hitting analysts’ consensus estimates of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business earned $1.99 earnings per share. Garmin’s revenue was up 11.7% compared to the same quarter last year. On average, equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analysts Set New Price Targets

GRMN has been the topic of several research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Morgan Stanley lifted their target price on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Barclays upgraded shares of Garmin from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $208.00 to $217.00 in a report on Friday, January 16th. Finally, Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target for the company in a research note on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Garmin has a consensus rating of “Moderate Buy” and a consensus price target of $244.40.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.