Strong Tower Advisory Services Grows Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Strong Tower Advisory Services lifted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,383 shares of the scientific and technical instruments company’s stock after acquiring an additional 431 shares during the quarter. Strong Tower Advisory Services’ holdings in Garmin were worth $2,532,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. GSA Capital Partners LLP purchased a new stake in Garmin in the first quarter worth about $1,389,000. LBP AM SA boosted its stake in shares of Garmin by 81.4% during the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock valued at $1,084,000 after purchasing an additional 3,268 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Garmin by 3.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after purchasing an additional 5,945 shares in the last quarter. Cetera Investment Advisers raised its stake in Garmin by 51.7% in the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after buying an additional 9,681 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Garmin by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock worth $26,500,000 after buying an additional 7,553 shares during the period. Institutional investors own 73.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GRMN. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays downgraded 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 report on Friday, September 13th. 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. Finally, Tigress Financial boosted their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $158.50.

Insider Activity

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction dated 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 owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, 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 Stock Up 0.4 %

Shares of Garmin stock traded up $0.58 during midday trading on Friday, hitting $166.28. The company had a trading volume of 78,683 shares, compared to its average volume of 836,358. The company has a fifty day simple moving average of $173.93 and a 200 day simple moving average of $164.80. The stock has a market cap of $31.96 billion, a price-to-earnings ratio of 23.17, a PEG 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 announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.45 earnings per share. As a group, analysts expect that Garmin Ltd. will post 6.08 EPS for the current 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.