OneAscent Financial Services LLC Trims Holdings in Garmin Ltd. (NYSE:GRMN)

OneAscent Financial Services LLC reduced its stake in Garmin Ltd. (NYSE:GRMN) by 20.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,690 shares of the scientific and technical instruments company’s stock after selling 432 shares during the quarter. OneAscent Financial Services LLC’s holdings in Garmin were worth $297,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Swiss National Bank boosted its position in shares of Garmin by 0.4% during the 3rd quarter. Swiss National Bank now owns 456,000 shares of the scientific and technical instruments company’s stock valued at $80,270,000 after acquiring an additional 1,700 shares during the last quarter. Claro Advisors LLC acquired a new position in Garmin in the 3rd quarter valued at about $242,000. RIA Advisory Group LLC acquired a new position in Garmin in the 3rd quarter valued at about $281,000. CIBC Asset Management Inc grew its stake in shares of Garmin by 9.8% in the 3rd quarter. CIBC Asset Management Inc now owns 17,998 shares of the scientific and technical instruments company’s stock valued at $3,168,000 after buying an additional 1,607 shares during the period. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of Garmin by 11.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,318 shares of the scientific and technical instruments company’s stock worth $1,288,000 after buying an additional 725 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other news, 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 sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 3.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction 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 directly 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 disclosure for this sale can be found here. Over the last three months, insiders sold 3,424 shares of company stock worth $638,159. Company insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $207.45 on Wednesday. The firm’s 50-day moving average is $180.49 and its two-hundred day moving average is $172.88. Garmin Ltd. has a 1 year low of $118.79 and a 1 year high of $215.55. The firm has a market capitalization of $39.83 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its 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 company had revenue of $1.59 billion for 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 quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.41 EPS. Analysts expect that Garmin Ltd. will post 6.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. 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. Barclays upped their price target on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Tigress Financial raised their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Garmin currently 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.