Phoenix Wealth Advisors Has $689,000 Stock Position in Garmin Ltd. (NYSE:GRMN)

Phoenix Wealth Advisors trimmed its position in Garmin Ltd. (NYSE:GRMN) by 1.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,340 shares of the scientific and technical instruments company’s stock after selling 55 shares during the period. Phoenix Wealth Advisors’ holdings in Garmin were worth $689,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new position in shares of Garmin during the 4th quarter worth about $29,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the 2nd quarter worth about $31,000. Larson Financial Group LLC grew its position in shares of Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of Garmin during the 3rd quarter worth about $39,000. Finally, Capital Performance Advisors LLP acquired a new position in shares of Garmin during the 3rd quarter worth about $59,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GRMN shares. Barclays boosted their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Morgan Stanley lowered 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 research report on Monday, October 7th. Finally, Tigress Financial boosted their price objective on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $171.00.

Garmin Stock Performance

Shares of GRMN opened at $217.83 on Wednesday. The stock has a 50 day simple moving average of $211.50 and a 200 day simple moving average of $187.87. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97. The firm has a market capitalization of $41.83 billion, a PE ratio of 27.64, a P/E/G ratio of 1.30 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 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 analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.41 EPS. Equities research analysts predict that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

About Garmin

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.