Garmin Ltd. (NYSE:GRMN) Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp raised its position in Garmin Ltd. (NYSE:GRMN) by 1.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,973 shares of the scientific and technical instruments company’s stock after buying an additional 141 shares during the period. King Luther Capital Management Corp’s holdings in Garmin were worth $1,580,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Sumitomo Life Insurance Co. increased its position in shares of Garmin by 0.9% during the third 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 boosted its position in 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 acquiring an additional 70 shares during the last quarter. UMB Bank n.a. grew its stake in 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. Buckingham Capital Management Inc. raised its holdings in Garmin by 0.7% in the 3rd quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock valued at $2,062,000 after acquiring an additional 80 shares during the last quarter. Finally, Brighton Jones LLC lifted its stake in Garmin by 5.8% in the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after purchasing an additional 83 shares in the last quarter. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of GRMN opened at $210.22 on Friday. The firm has a 50-day simple moving average of $182.02 and a two-hundred day simple moving average of $173.65. The stock has a market cap of $40.37 billion, a PE ratio of 26.68, a P/E/G ratio of 3.16 and a beta of 0.97. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $215.55.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. As a group, sell-side analysts expect that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Garmin news, 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 value of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,424 shares of company stock valued at $638,159. Corporate insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Tigress Financial boosted their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Barclays upped their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $162.67.

About Garmin

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.