Prime Capital Investment Advisors LLC Sells 1,117 Shares of Garmin Ltd. (NYSE:GRMN)

Prime Capital Investment Advisors LLC trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 17.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,230 shares of the scientific and technical instruments company’s stock after selling 1,117 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Garmin were worth $921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sumitomo Life Insurance Co. grew its holdings in shares of Garmin by 0.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after purchasing an additional 61 shares in the last quarter. Elo Mutual Pension Insurance Co boosted its stake in Garmin by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after buying an additional 70 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock valued at $344,000 after buying an additional 73 shares during the period. UMB Bank n.a. raised its stake in shares of Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock valued at $469,000 after buying an additional 74 shares in the last quarter. Finally, Buckingham Capital Management Inc. lifted its holdings in shares of Garmin by 0.7% during the 3rd quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock worth $2,062,000 after acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Trading Down 0.8 %

NYSE:GRMN opened at $211.32 on Friday. The stock has a market capitalization of $40.58 billion, a P/E ratio of 26.82, a price-to-earnings-growth ratio of 3.25 and a beta of 0.97. Garmin Ltd. has a 1 year low of $118.51 and a 1 year high of $215.55. The firm has a 50 day moving average of $178.79 and a 200-day moving average of $171.60.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 EPS. As a group, analysts forecast that Garmin Ltd. will post 6.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Tigress Financial upped their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $162.67.

Insider Buying and Selling

In related news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated 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 of the company’s stock, valued at approximately $7,257,359.40. The trade was a 19.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,479 shares of company stock worth $2,419,502 in the last 90 days. Corporate insiders own 19.54% of the company’s stock.

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.