Alhambra Investment Management LLC Decreases Position in Garmin Ltd. (NYSE:GRMN)

Alhambra Investment Management LLC cut its stake in Garmin Ltd. (NYSE:GRMN) by 12.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,951 shares of the scientific and technical instruments company’s stock after selling 846 shares during the quarter. Alhambra Investment Management LLC’s holdings in Garmin were worth $1,227,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Garmin by 123.2% during the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after purchasing an additional 156,441 shares during the last quarter. Algert Global LLC purchased a new position in shares of Garmin in the 2nd quarter worth $508,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Garmin in the 3rd quarter worth about $695,000. Trajan Wealth LLC grew its position in Garmin by 9.1% in the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after acquiring an additional 6,878 shares in the last quarter. Finally, Passumpsic Savings Bank bought a new stake in shares of Garmin in the 3rd quarter valued at approximately $3,137,000. 81.60% of the stock is owned by institutional investors.

Garmin Trading Up 0.4 %

Shares of GRMN stock opened at $215.50 on Friday. The company has a market cap of $41.38 billion, a PE ratio of 27.35, a PEG ratio of 1.26 and a beta of 0.98. Garmin Ltd. has a 12-month low of $119.15 and a 12-month high of $222.97. The business’s fifty day simple moving average is $211.45 and its 200-day simple moving average is $187.12.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. Garmin’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 EPS. On average, equities analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GRMN shares. Tigress Financial raised their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Morgan Stanley cut shares of 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 report on Monday, October 7th. Finally, Barclays increased their price objective on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. 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 company’s stock. Based on data from MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus price target of $171.00.

Insider Buying and Selling at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

About Garmin

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.