Garmin Ltd. (NYSE:GRMN) Stock Position Lowered by Financial Counselors Inc.

Financial Counselors Inc. trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 6.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,649 shares of the scientific and technical instruments company’s stock after selling 388 shares during the period. Financial Counselors Inc.’s holdings in Garmin were worth $994,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in GRMN. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Garmin by 82.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 92,684 shares of the scientific and technical instruments company’s stock valued at $16,315,000 after buying an additional 41,771 shares during the period. Glenmede Trust Co. NA increased its holdings in shares of Garmin by 44.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 2,326 shares of the scientific and technical instruments company’s stock valued at $409,000 after purchasing an additional 712 shares during the period. Townsquare Capital LLC lifted its position in shares of Garmin by 74.9% in the third quarter. Townsquare Capital LLC now owns 2,700 shares of the scientific and technical instruments company’s stock worth $475,000 after purchasing an additional 1,156 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Garmin during the third quarter worth approximately $200,000. Finally, D.A. Davidson & CO. increased its stake in Garmin by 3.2% in the 3rd quarter. D.A. Davidson & CO. now owns 29,275 shares of the scientific and technical instruments company’s stock valued at $5,153,000 after buying an additional 916 shares during the period. 73.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Sean Biddlecombe sold 587 shares of the company’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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. 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. Barclays raised their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Three research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $162.67.

Garmin Stock Performance

NYSE GRMN opened at $212.78 on Friday. The stock has a market capitalization of $40.86 billion, a PE ratio of 27.00, a P/E/G ratio of 1.40 and a beta of 0.97. The stock has a 50-day simple moving average of $186.92 and a 200 day simple moving average of $175.45. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $216.44.

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

Garmin 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.