Bahl & Gaynor LLC reduced its holdings in Garmin Ltd. (NYSE:GRMN – Free Report) by 16.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 547,566 shares of the scientific and technical instruments company’s stock after selling 107,348 shares during the period. Bahl & Gaynor LLC’s holdings in Garmin were worth $157,064,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Confluence Wealth Services Inc. increased its position in Garmin by 0.4% during the third quarter. Confluence Wealth Services Inc. now owns 7,814 shares of the scientific and technical instruments company’s stock worth $2,241,000 after acquiring an additional 35 shares during the period. AMG National Trust Bank boosted its holdings in Garmin by 31.5% in the 3rd quarter. AMG National Trust Bank now owns 1,295 shares of the scientific and technical instruments company’s stock valued at $371,000 after purchasing an additional 310 shares during the period. Keybank National Association OH grew its position in Garmin by 18.5% in the 3rd quarter. Keybank National Association OH now owns 3,369 shares of the scientific and technical instruments company’s stock worth $966,000 after purchasing an additional 525 shares during the last quarter. Gen Wealth Partners Inc acquired a new stake in Garmin in the 3rd quarter worth $37,000. Finally, 71 West Capital Partners grew its position in Garmin by 7.6% in the 3rd quarter. 71 West Capital Partners now owns 935 shares of the scientific and technical instruments company’s stock worth $268,000 after purchasing an additional 66 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Garmin
In related news, insider Cheng-Wei Wang sold 9,941 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares of the company’s stock, valued at $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.80% of the stock is owned by company insiders.
Garmin Price Performance
Shares of Garmin stock opened at $288.97 on Wednesday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The firm has a market capitalization of $55.68 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 2.89 and a beta of 0.90. The company’s fifty day moving average price is $281.93 and its two-hundred day moving average price is $256.26.
Garmin (NYSE:GRMN – Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.38. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period last year, the firm earned $1.99 EPS. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. Analysts predict that Garmin Ltd. will post 10.77 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have recently commented on GRMN. Bank of America reaffirmed an “underperform” rating on shares of Garmin in a research report on Monday, November 2nd. Morgan Stanley lifted their target price on Garmin from $289.00 to $295.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. UBS Group set a $370.00 target price on Garmin in a research report on Thursday, August 6th. Weiss Ratings upgraded Garmin from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 28th. Finally, Barclays cut their price target on Garmin from $297.00 to $277.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $315.29.
View Our Latest Report on Garmin
Garmin Company Profile
Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology. Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.
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