Charles Schwab Investment Management Inc. Sells 699 Shares of Garmin Ltd. (NYSE:GRMN)

Charles Schwab Investment Management Inc. decreased its stake in shares of Garmin Ltd. (NYSE:GRMN) by 0.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 875,638 shares of the scientific and technical instruments company’s stock after selling 699 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.46% of Garmin worth $154,139,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. O Shaughnessy Asset Management LLC raised its holdings in Garmin by 37.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 4,767 shares of the scientific and technical instruments company’s stock worth $710,000 after purchasing an additional 1,298 shares in the last quarter. Bessemer Group Inc. grew its holdings in Garmin by 19.3% in the first quarter. Bessemer Group Inc. now owns 3,290 shares of the scientific and technical instruments company’s stock worth $490,000 after purchasing an additional 533 shares during the period. Advisors Asset Management Inc. bought a new position in shares of Garmin during the first quarter valued at approximately $1,091,000. Bayesian Capital Management LP bought a new position in shares of Garmin during the first quarter valued at approximately $849,000. Finally, Meiji Yasuda Life Insurance Co lifted its holdings in shares of Garmin by 11.5% during the first quarter. Meiji Yasuda Life Insurance Co now owns 4,178 shares of the scientific and technical instruments company’s stock valued at $622,000 after purchasing an additional 430 shares during the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

NYSE GRMN opened at $210.33 on Monday. Garmin Ltd. has a one year low of $119.15 and a one year high of $215.55. The stock has a 50-day moving average of $182.77 and a 200 day moving average of $174.00. The company has a market capitalization of $40.39 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 3.28 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the business posted $1.41 earnings per share. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, equities analysts predict that Garmin Ltd. will post 6.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GRMN. Barclays upped their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Tigress Financial increased their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Three 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $162.67.

Insider Activity

In other news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 3.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value 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 disclosure for this sale can be found here. Insiders have sold 3,424 shares of company stock valued at $638,159 in the last ninety days. 19.54% of the stock is currently owned by company insiders.

Garmin Company 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.