RIA Advisory Group LLC Invests $281,000 in Garmin Ltd. (NYSE:GRMN)

RIA Advisory Group LLC purchased a new position in Garmin Ltd. (NYSE:GRMN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,595 shares of the scientific and technical instruments company’s stock, valued at approximately $281,000.

Other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Life Insurance Co. increased its position in shares of Garmin by 0.9% during the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after acquiring an additional 61 shares during the period. Elo Mutual Pension Insurance Co grew its holdings in Garmin by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after acquiring an additional 70 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock valued at $344,000 after purchasing an additional 73 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after purchasing an additional 74 shares during the period. Finally, Buckingham Capital Management Inc. boosted its stake in shares of Garmin by 0.7% during the third quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock valued at $2,062,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

Shares of Garmin stock traded down $2.94 during trading on Friday, hitting $208.43. 691,220 shares of the company’s stock were exchanged, compared to its average volume of 860,138. Garmin Ltd. has a 52-week low of $118.51 and a 52-week high of $215.55. The stock has a market capitalization of $40.02 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 3.24 and a beta of 0.97. The business has a 50-day simple moving average of $179.96 and a 200-day simple moving average of $172.31.

Garmin (NYSE:GRMN) last issued its quarterly earnings data 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. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 EPS. On average, equities analysts anticipate that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GRMN has been the topic of several recent research reports. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley downgraded shares of 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 research report on Monday, October 7th. Finally, Barclays increased their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $162.67.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated 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 $7,257,359.40. This represents a 19.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,479 shares of company stock worth $2,419,502. 19.54% of the stock is owned by company insiders.

Garmin 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.