Garmin Ltd. (NYSE:GRMN) Shares Sold by Xcel Wealth Management LLC

Xcel Wealth Management LLC reduced its position in Garmin Ltd. (NYSE:GRMN) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,451 shares of the scientific and technical instruments company’s stock after selling 149 shares during the quarter. Xcel Wealth Management LLC’s holdings in Garmin were worth $1,488,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Select Equity Group L.P. increased its stake in shares of Garmin by 0.6% in the 2nd quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after acquiring an additional 11,666 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 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 worth $282,761,000 after acquiring an additional 13,968 shares during the last quarter. Boston Partners increased its stake in shares of Garmin by 4.3% in the 1st quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock worth $210,799,000 after acquiring an additional 58,343 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Garmin by 34.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after acquiring an additional 278,990 shares during the last quarter. Finally, Captrust Financial Advisors increased 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 worth $124,982,000 after acquiring an additional 141,001 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Down 2.3 %

GRMN traded down $3.77 during trading on Tuesday, hitting $162.70. 311,628 shares of the stock were exchanged, compared to its average volume of 829,062. The firm has a market capitalization of $31.25 billion, a P/E ratio of 23.30, a PEG ratio of 2.85 and a beta of 0.99. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $184.42. The stock has a fifty day moving average price of $173.99 and a two-hundred day moving average price of $166.03.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on GRMN. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $158.50.

Insider Activity

In related news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred 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 directly owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred 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 sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,892 shares of company stock valued at $2,296,174. Company insiders own 19.54% of the company’s stock.

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.