Conestoga Capital Advisors LLC Trims Stake in Garmin Ltd. (NYSE:GRMN)

Conestoga Capital Advisors LLC cut its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 10.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,220 shares of the scientific and technical instruments company’s stock after selling 150 shares during the period. Conestoga Capital Advisors LLC’s holdings in Garmin were worth $215,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of GRMN. Reston Wealth Management LLC acquired a new position in shares of Garmin during the 3rd quarter worth $108,000. Financial Advocates Investment Management lifted its holdings in shares of Garmin by 2.3% in the third quarter. Financial Advocates Investment Management now owns 6,166 shares of the scientific and technical instruments company’s stock valued at $1,085,000 after purchasing an additional 140 shares in the last quarter. New York State Teachers Retirement System grew its position in shares of Garmin by 1.1% in the third quarter. New York State Teachers Retirement System now owns 119,952 shares of the scientific and technical instruments company’s stock valued at $21,115,000 after purchasing an additional 1,253 shares during the last quarter. Trajan Wealth LLC increased its stake in shares of Garmin by 9.1% during the 3rd quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after purchasing an additional 6,878 shares in the last quarter. Finally, abrdn plc raised its position in shares of Garmin by 6.3% during the 3rd quarter. abrdn plc now owns 67,616 shares of the scientific and technical instruments company’s stock worth $11,823,000 after purchasing an additional 4,005 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GRMN. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays raised their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday. Finally, Tigress Financial boosted their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus target price of $162.67.

Insiders Place Their Bets

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

Garmin Stock Down 0.1 %

GRMN traded down $0.24 during trading on Friday, reaching $198.11. The stock had a trading volume of 499,201 shares, compared to its average volume of 849,079. The stock has a 50 day moving average of $173.85 and a two-hundred day moving average of $167.23. The firm has a market capitalization of $38.08 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 3.52 and a beta of 0.99. Garmin Ltd. has a 1-year low of $112.01 and a 1-year high of $207.22.

Garmin (NYSE:GRMN) last posted its quarterly earnings results 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 analyst estimates of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.41 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 6.09 EPS for the current fiscal year.

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.