Garmin Ltd. (NYSE:GRMN) Position Trimmed by Financial Counselors Inc.

Financial Counselors Inc. reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 6.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 5,649 shares of the scientific and technical instruments company’s stock after selling 388 shares during the quarter. Financial Counselors Inc.’s holdings in Garmin were worth $994,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of GRMN. University of Texas Texas AM Investment Management Co. acquired a new stake in Garmin in the second quarter worth $31,000. Larson Financial Group LLC increased its holdings in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares during the period. Family Firm Inc. acquired a new stake in shares of Garmin in the 2nd quarter worth about $35,000. Benjamin Edwards Inc. boosted its stake in Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the period. Finally, Headlands Technologies LLC bought a new position in Garmin in the 2nd quarter worth about $46,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company’s stock, 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 SEC, which is available through this link. Corporate insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on GRMN. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Barclays raised their price target on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $162.67.

Garmin Stock Performance

Shares of GRMN stock opened at $212.78 on Friday. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $216.44. The business’s fifty day moving average is $186.92 and its 200-day moving average is $175.45. The stock has a market cap of $40.86 billion, a PE ratio of 27.00, a price-to-earnings-growth ratio of 1.40 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share 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 analysts’ expectations of $1.44 billion. During the same quarter last year, the business posted $1.41 earnings per share. The company’s quarterly revenue was up 24.1% on a year-over-year basis. Equities research analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current year.

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.