Segment Wealth Management LLC Reduces Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Segment Wealth Management LLC lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,896 shares of the scientific and technical instruments company’s stock after selling 3,163 shares during the quarter. Garmin accounts for 1.3% of Segment Wealth Management LLC’s portfolio, making the stock its 18th largest position. Segment Wealth Management LLC owned 0.05% of Garmin worth $18,465,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Eastern Bank acquired a new stake in Garmin during the 3rd quarter valued at approximately $176,000. Allspring Global Investments Holdings LLC grew its stake in Garmin by 172.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,351 shares of the scientific and technical instruments company’s stock valued at $8,511,000 after purchasing an additional 30,598 shares in the last quarter. Vest Financial LLC grew its stake in Garmin by 16.5% during the 3rd quarter. Vest Financial LLC now owns 166,242 shares of the scientific and technical instruments company’s stock valued at $29,264,000 after purchasing an additional 23,519 shares in the last quarter. Wealth Alliance Advisory Group LLC acquired a new stake in Garmin during the 3rd quarter valued at approximately $204,000. Finally, Whitaker Myers Wealth Managers LTD. acquired a new stake in Garmin during the 3rd quarter valued at approximately $306,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Price Performance

NYSE:GRMN opened at $162.96 on Wednesday. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42. The firm has a market capitalization of $31.30 billion, a P/E ratio of 22.98, a P/E/G ratio of 2.85 and a beta of 0.99. The business has a 50 day simple moving average of $173.85 and a 200 day simple moving average of $166.14.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm posted $1.45 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. Research analysts anticipate that Garmin Ltd. will post 6.08 EPS for the current fiscal year.

Analysts Set New Price Targets

GRMN has been the subject of a number of recent analyst reports. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial lifted their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Garmin has an average rating of “Hold” and an average target price of $158.50.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Garmin news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 in the last 90 days. 19.54% of the stock is currently owned by company insiders.

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.