Stifel Financial Corp Boosts Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Stifel Financial Corp grew its position in shares of Garmin Ltd. (NYSE:GRMN) by 19.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,387 shares of the scientific and technical instruments company’s stock after purchasing an additional 5,989 shares during the quarter. Stifel Financial Corp’s holdings in Garmin were worth $6,406,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Sumitomo Life Insurance Co. grew its stake in Garmin by 0.9% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after acquiring an additional 61 shares during the period. Elo Mutual Pension Insurance Co grew its stake in Garmin by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after acquiring an additional 70 shares during the period. UMB Bank n.a. grew its stake in 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 acquiring an additional 74 shares during the period. Buckingham Capital Management Inc. grew its stake in Garmin by 0.7% in the 3rd quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock valued at $2,062,000 after acquiring an additional 80 shares during the period. Finally, Brighton Jones LLC grew its stake in Garmin by 5.8% in the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock valued at $248,000 after acquiring an additional 83 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Up 0.1 %

NYSE GRMN opened at $215.40 on Friday. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $222.97. The business’s fifty day simple moving average is $194.68 and its 200-day simple moving average is $178.51. The firm has a market cap of $41.36 billion, a PE ratio of 27.37, a P/E/G ratio of 1.46 and a beta of 0.97.

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 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%. Garmin’s revenue was up 24.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.41 EPS. Research analysts expect that Garmin Ltd. will post 7.01 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were 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 in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 19.54% of the stock is owned by insiders.

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.