Garmin Ltd. (NYSE:GRMN) Stake Reduced by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 17.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,230 shares of the scientific and technical instruments company’s stock after selling 1,117 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Garmin were worth $921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Clearstead Trust LLC bought a new stake in Garmin during the first quarter worth approximately $30,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin during the 2nd quarter worth $31,000. Family Firm Inc. acquired a new position in shares of Garmin in the 2nd quarter worth $35,000. Benjamin Edwards Inc. raised its position in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Garmin during the second quarter valued at $46,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Trading Down 0.8 %

GRMN opened at $211.32 on Friday. The stock has a fifty day moving average price of $178.79 and a 200 day moving average price of $171.60. Garmin Ltd. has a 1 year low of $118.51 and a 1 year high of $215.55. The stock has a market cap of $40.58 billion, a price-to-earnings ratio of 26.82, a PEG ratio of 3.25 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the company earned $1.41 EPS. The firm’s revenue was up 24.1% on a year-over-year basis. As a group, sell-side analysts forecast that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In other news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The shares were 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 directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This represents a 19.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,479 shares of company stock worth $2,419,502 in the last 90 days. 19.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GRMN shares. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Barclays raised their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Tigress Financial upped their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. 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, the company has an average rating of “Hold” and a consensus target price of $162.67.

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.