Daymark Wealth Partners LLC Reduces Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Daymark Wealth Partners LLC reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 28.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,996 shares of the scientific and technical instruments company’s stock after selling 3,171 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Garmin were worth $1,649,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pinnacle Bancorp Inc. purchased a new stake in Garmin in the fourth quarter worth $29,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin during the 2nd quarter valued at $31,000. Larson Financial Group LLC grew its position in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Garmin in the 3rd quarter worth about $39,000. Finally, Capital Performance Advisors LLP purchased a new position in Garmin during the 3rd quarter valued at about $59,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Down 0.8 %

Shares of NYSE GRMN opened at $216.18 on Thursday. The company has a 50 day moving average of $211.58 and a 200 day moving average of $188.26. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97. The firm has a market cap of $41.51 billion, a P/E ratio of 27.43, a PEG ratio of 1.30 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced 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 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 firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the company posted $1.41 earnings per share. The company’s quarterly revenue was up 24.1% on a year-over-year basis. As a group, equities analysts expect that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GRMN shares. Morgan Stanley downgraded 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 research note on Monday, October 7th. Tigress Financial raised their price objective on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Finally, Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Three research 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, Garmin has an average rating of “Hold” and a consensus target price of $171.00.

Insider Buying and Selling at Garmin

In related news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the firm’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 completion of the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

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.