Triangle Securities Wealth Management Has $2.22 Million Position in Garmin Ltd. (NYSE:GRMN)

Triangle Securities Wealth Management lessened its position in Garmin Ltd. (NYSE:GRMN) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,739 shares of the scientific and technical instruments company’s stock after selling 270 shares during the period. Triangle Securities Wealth Management’s holdings in Garmin were worth $2,215,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GRMN. American Century Companies Inc. grew its holdings in Garmin by 5.9% during the second quarter. American Century Companies Inc. now owns 47,349 shares of the scientific and technical instruments company’s stock worth $7,714,000 after purchasing an additional 2,651 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Garmin by 8.4% in the second quarter. Envestnet Asset Management Inc. now owns 163,517 shares of the scientific and technical instruments company’s stock valued at $26,640,000 after buying an additional 12,616 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Garmin by 13.1% during the 2nd quarter. Blair William & Co. IL now owns 5,592 shares of the scientific and technical instruments company’s stock worth $911,000 after acquiring an additional 649 shares during the period. Brighton Jones LLC increased its holdings in shares of Garmin by 5.8% during the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after acquiring an additional 83 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its stake in Garmin by 16.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 34,869 shares of the scientific and technical instruments company’s stock valued at $5,681,000 after acquiring an additional 4,895 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Garmin Stock Up 0.4 %

GRMN stock opened at $215.50 on Friday. The company has a market cap of $41.38 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 1.26 and a beta of 0.98. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $222.97. The business has a 50-day simple moving average of $211.45 and a 200 day simple moving average of $187.30.

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

Analysts Set New Price Targets

GRMN has been the subject of a number of research analyst reports. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Barclays lifted their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, Tigress Financial increased their price target on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. 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’s stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus price target of $171.00.

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.