Garmin Ltd. (NYSE:GRMN) Holdings Lowered by SteelPeak Wealth LLC

SteelPeak Wealth LLC cut its stake in Garmin Ltd. (NYSE:GRMN) by 33.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,867 shares of the scientific and technical instruments company’s stock after selling 3,918 shares during the period. SteelPeak Wealth LLC’s holdings in Garmin were worth $1,623,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GRMN. FMR LLC lifted its holdings in Garmin by 40.8% in the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after acquiring an additional 1,093,219 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new stake in Garmin during the third quarter valued at approximately $53,252,000. Jacobs Levy Equity Management Inc. lifted its stake in Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock valued at $50,570,000 after purchasing an additional 270,186 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Garmin by 123.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock worth $85,600,000 after buying an additional 268,996 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Garmin in the third quarter worth approximately $45,501,000. 81.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GRMN shares. Tigress Financial raised their price objective on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Barclays increased their price target on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Three equities 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, Garmin currently has a consensus rating of “Hold” and a consensus target price of $171.00.

Garmin Trading Down 1.6 %

NYSE:GRMN opened at $214.38 on Thursday. The business’s fifty day moving average price is $212.17 and its 200 day moving average price is $190.07. The firm has a market capitalization of $41.17 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $222.97.

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

Insiders Place Their Bets

In related news, Director Sean Biddlecombe sold 587 shares of the firm’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 transaction of $123,328.70. Following the transaction, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The shares were 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 of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.