Crossmark Global Holdings Inc. Sells 17,607 Shares of Garmin Ltd. (NYSE:GRMN)

Crossmark Global Holdings Inc. lessened its stake in Garmin Ltd. (NYSE:GRMN) by 31.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,768 shares of the scientific and technical instruments company’s stock after selling 17,607 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Garmin were worth $7,996,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after purchasing an additional 1,093,219 shares during the period. AQR Capital Management LLC lifted its stake in Garmin by 136.7% in the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock valued at $115,177,000 after buying an additional 411,084 shares in the last quarter. Montrusco Bolton Investments Inc. acquired a new position in shares of Garmin in the third quarter valued at approximately $53,252,000. Marshall Wace LLP increased its position in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after acquiring an additional 278,990 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock worth $50,570,000 after acquiring an additional 270,186 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Up 1.0 %

NYSE:GRMN opened at $217.83 on Wednesday. The firm has a market capitalization of $41.83 billion, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 1.30 and a beta of 0.98. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97. The stock’s 50 day moving average price is $211.50 and its two-hundred day moving average price is $187.87.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.41 earnings per share. As a group, analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of research analyst reports. Morgan Stanley lowered shares of 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. Tigress Financial upped their price target on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. Finally, Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Garmin has a consensus rating of “Hold” and an average target price of $171.00.

Insider Activity at Garmin

In other news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction dated 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 $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company 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.