NovaPoint Capital LLC Acquires 734 Shares of Garmin Ltd. (NYSE:GRMN)

NovaPoint Capital LLC raised its stake in Garmin Ltd. (NYSE:GRMN) by 3.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,524 shares of the scientific and technical instruments company’s stock after acquiring an additional 734 shares during the quarter. Garmin makes up approximately 1.3% of NovaPoint Capital LLC’s investment portfolio, making the stock its 24th largest position. NovaPoint Capital LLC’s holdings in Garmin were worth $4,141,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Sumitomo Life Insurance Co. increased its position in Garmin by 0.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after purchasing an additional 61 shares in the last quarter. Elo Mutual Pension Insurance Co increased its holdings in shares of Garmin by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after buying an additional 70 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock valued at $344,000 after acquiring an additional 73 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Garmin by 2.6% during the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock valued at $469,000 after acquiring an additional 74 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its position in Garmin by 17.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after acquiring an additional 81 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent research reports. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial raised their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Barclays downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $158.50.

Garmin Stock Performance

Garmin stock opened at $167.49 on Friday. The firm has a market cap of $32.17 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 2.85 and a beta of 0.99. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $184.42. The firm has a 50 day moving average price of $174.03 and a two-hundred day moving average price of $165.60.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 earnings per share. As a group, equities research analysts predict that Garmin Ltd. will post 6.08 EPS for the current fiscal year.

Insider Activity

In related news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on 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 completion of the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly 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. Insiders have sold 12,892 shares of company stock valued at $2,296,174 in the last ninety days. 19.54% of the stock is owned by company insiders.

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.