SkyOak Wealth LLC Sells 248 Shares of Garmin Ltd. (NYSE:GRMN)

SkyOak Wealth LLC cut its holdings in Garmin Ltd. (NYSE:GRMN) by 8.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,616 shares of the scientific and technical instruments company’s stock after selling 248 shares during the quarter. SkyOak Wealth LLC’s holdings in Garmin were worth $426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Clearstead Trust LLC bought a new position in Garmin in the first quarter worth approximately $30,000. Frazier Financial Advisors LLC bought a new position in shares of Garmin in the 4th quarter worth $33,000. Family Firm Inc. purchased a new stake in shares of Garmin during the 2nd quarter worth $35,000. Headlands Technologies LLC purchased a new stake in shares of Garmin during the 2nd quarter worth $46,000. Finally, West Oak Capital LLC bought a new stake in Garmin during the second quarter valued at about $53,000. 73.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on 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 directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Down 0.6 %

Garmin stock opened at $171.58 on Wednesday. The firm has a market cap of $32.96 billion, a PE ratio of 24.20, a P/E/G ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42. The stock’s 50 day simple moving average is $174.22 and its two-hundred day simple moving average is $161.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the firm posted $1.45 earnings per share. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, equities research analysts forecast that Garmin Ltd. will post 6.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GRMN shares. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $181.00 to $133.00 in a report on Friday, September 13th. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $151.33.

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.