Garmin Ltd. (NYSE:GRMN) Shares Sold by Raymond James Trust N.A.

Raymond James Trust N.A. lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 17.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,164 shares of the scientific and technical instruments company’s stock after selling 876 shares during the quarter. Raymond James Trust N.A.’s holdings in Garmin were worth $733,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Garmin in the second quarter worth $31,000. Family Firm Inc. purchased a new stake in Garmin during the 2nd quarter worth $35,000. Benjamin Edwards Inc. raised its position in Garmin by 73.3% in the second 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. Headlands Technologies LLC acquired a new position in shares of Garmin during the second quarter worth about $46,000. Finally, West Oak Capital LLC purchased a new stake in shares of Garmin in the second quarter worth about $53,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Wall Street Analyst Weigh In

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

Garmin Price Performance

NYSE GRMN opened at $214.50 on Tuesday. The company has a market capitalization of $41.19 billion, a price-to-earnings ratio of 27.22, a price-to-earnings-growth ratio of 1.39 and a beta of 0.97. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $216.44. The company’s fifty day moving average price is $183.60 and its two-hundred day moving average price is $174.32.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.41 earnings per share. As a group, analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current year.

Insider Transactions at Garmin

In related news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated 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. This represents a 3.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,424 shares of company stock worth $638,159. 19.54% of the stock is currently owned by corporate 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.