Whitaker Myers Wealth Managers LTD. Takes $306,000 Position in Garmin Ltd. (NYSE:GRMN)

Whitaker Myers Wealth Managers LTD. bought a new stake in Garmin Ltd. (NYSE:GRMN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,740 shares of the scientific and technical instruments company’s stock, valued at approximately $306,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GRMN. Select Equity Group L.P. increased its stake in Garmin by 0.6% in the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock valued at $326,909,000 after purchasing an additional 11,666 shares during the period. Dimensional Fund Advisors LP increased its position in Garmin by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock valued at $282,761,000 after acquiring an additional 13,968 shares during the period. Boston Partners raised its stake in Garmin by 4.3% during the 1st quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock valued at $210,799,000 after acquiring an additional 58,343 shares during the last quarter. Marshall Wace LLP raised its stake in Garmin by 34.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after acquiring an additional 278,990 shares during the last quarter. Finally, Captrust Financial Advisors grew its stake in shares of Garmin by 20.2% in the 1st quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company’s stock valued at $124,982,000 after purchasing an additional 141,001 shares during the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Analysts Set New Price Targets

GRMN has been the subject of several recent analyst reports. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective 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. Finally, Tigress Financial boosted their target price on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $158.50.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is owned by corporate insiders.

Garmin Price Performance

Shares of NYSE GRMN opened at $167.58 on Friday. The firm’s 50-day moving average is $174.03 and its two-hundred day moving average is $165.74. The company has a market capitalization of $32.19 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 2.85 and a beta of 0.99. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $184.42.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the company earned $1.45 EPS. Garmin’s revenue was up 14.3% on a year-over-year basis. On average, analysts forecast that Garmin Ltd. will post 6.08 EPS for the current fiscal year.

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.