Fort L.P. Sells 249 Shares of Garmin Ltd. (NYSE:GRMN)

Fort L.P. decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 13.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,666 shares of the scientific and technical instruments company’s stock after selling 249 shares during the quarter. Fort L.P.’s holdings in Garmin were worth $293,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new position in shares of Garmin during the 2nd quarter worth $31,000. Clearstead Trust LLC bought a new position in shares of Garmin during the 1st quarter worth $30,000. Family Firm Inc. bought a new position in shares of Garmin during the 2nd quarter worth $35,000. Benjamin Edwards Inc. grew its stake in shares of Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Garmin during the 2nd quarter worth $46,000. Institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

GRMN traded down $0.17 on Friday, hitting $198.18. 1,708,179 shares of the company were exchanged, compared to its average volume of 944,625. The firm has a fifty day simple moving average of $174.22 and a two-hundred day simple moving average of $167.80. Garmin Ltd. has a 12 month low of $112.01 and a 12 month high of $207.22. The stock has a market capitalization of $38.05 billion, a PE ratio of 25.15, a price-to-earnings-growth ratio of 3.03 and a beta of 0.97.

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 the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the company earned $1.41 EPS. Garmin’s revenue for the quarter was up 24.1% compared to the same quarter last year. On average, equities analysts expect that Garmin Ltd. will post 6.85 earnings per share for the current year.

Insider Buying and Selling

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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on 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 directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock worth $2,296,174 in the last ninety days. 19.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Barclays increased their price objective on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday. Tigress Financial raised their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $155.00 to $138.00 in a report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $162.67.

Garmin Company 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.