Garmin Ltd. (NYSE:GRMN) Shares Sold by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC lessened its position in Garmin Ltd. (NYSE:GRMN) by 2.3% in the 4th quarter, Holdings Channel reports. The fund owned 9,322 shares of the scientific and technical instruments company’s stock after selling 222 shares during the period. Greenwood Capital Associates LLC’s holdings in Garmin were worth $1,198,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in GRMN. 1620 Investment Advisors Inc. grew its holdings in Garmin by 4.0% during the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after acquiring an additional 84 shares during the period. Greenleaf Trust increased its holdings in shares of Garmin by 2.5% in the 4th quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock valued at $452,000 after purchasing an additional 87 shares in the last quarter. First Trust Direct Indexing L.P. lifted its stake in shares of Garmin by 1.4% in the fourth quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock valued at $924,000 after purchasing an additional 96 shares during the period. Blue Trust Inc. boosted its holdings in Garmin by 35.2% during the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in Garmin by 32.0% during the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock worth $60,000 after buying an additional 113 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GRMN shares. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. upped their target price on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Barrington Research raised their price target on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Tigress Financial boosted their price objective on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Barclays raised their target price on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Garmin has an average rating of “Hold” and a consensus price target of $156.83.

Insider Buying and Selling

In other news, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares of the company’s stock, valued at $9,551,530.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the transaction, the executive vice president now owns 58,412 shares in the company, valued at $9,551,530.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares in the company, valued at $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

Garmin Stock Down 1.5 %

Shares of GRMN traded down $2.40 during trading hours on Friday, reaching $159.53. 561,558 shares of the company traded hands, compared to its average volume of 642,089. The stock has a market capitalization of $30.64 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 3.44 and a beta of 0.98. The stock has a fifty day simple moving average of $158.06 and a 200 day simple moving average of $140.66. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $171.64.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS. Research analysts predict that Garmin Ltd. will post 5.77 EPS for the current fiscal year.

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.