ARK Investment Management LLC Has $6 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

ARK Investment Management LLC cut its holdings in Garmin Ltd. (NYSE:GRMN) by 10.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,063 shares of the scientific and technical instruments company’s stock after selling 4,021 shares during the period. ARK Investment Management LLC’s holdings in Garmin were worth $5,996,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Nordea Investment Management AB boosted its stake in shares of Garmin by 4.4% during the 1st quarter. Nordea Investment Management AB now owns 10,111 shares of the scientific and technical instruments company’s stock worth $1,503,000 after buying an additional 430 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Garmin during the 1st quarter worth approximately $253,000. Empowered Funds LLC raised its stake in shares of Garmin by 27.1% during the 1st quarter. Empowered Funds LLC now owns 15,184 shares of the scientific and technical instruments company’s stock worth $2,260,000 after purchasing an additional 3,235 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Garmin by 184.3% in the 1st quarter. SG Americas Securities LLC now owns 198,100 shares of the scientific and technical instruments company’s stock valued at $29,491,000 after buying an additional 128,429 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in shares of Garmin by 14.5% in the first quarter. Oppenheimer & Co. Inc. now owns 31,438 shares of the scientific and technical instruments company’s stock valued at $4,680,000 after buying an additional 3,974 shares in the last quarter. Institutional investors own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GRMN. Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays upped 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. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Garmin currently has an average rating of “Hold” and an average price target of $162.67.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,479 shares of company stock valued at $2,419,502. 19.54% of the stock is owned by company insiders.

Garmin Stock Up 0.3 %

Garmin stock opened at $210.34 on Friday. Garmin Ltd. has a twelve month low of $114.76 and a twelve month high of $212.27. The stock has a market cap of $40.39 billion, a P/E ratio of 26.69, a P/E/G ratio of 3.22 and a beta of 0.97. The company’s 50-day moving average price is $176.29 and its two-hundred day moving average price is $169.44.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping 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 last 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. Equities analysts anticipate that Garmin Ltd. will post 6.52 earnings per share for the current fiscal year.

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.