Chevy Chase Trust Holdings LLC Cuts Position in Garmin Ltd. (NYSE:GRMN)

Chevy Chase Trust Holdings LLC decreased its holdings in Garmin Ltd. (NYSE:GRMN) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,613 shares of the scientific and technical instruments company’s stock after selling 1,837 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Garmin were worth $16,627,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Banque Pictet & Cie SA acquired a new stake in Garmin in the fourth quarter valued at $4,437,000. Van ECK Associates Corp grew its holdings in Garmin by 5.9% in the fourth quarter. Van ECK Associates Corp now owns 29,900 shares of the scientific and technical instruments company’s stock valued at $6,167,000 after purchasing an additional 1,659 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Garmin by 229.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 159,056 shares of the scientific and technical instruments company’s stock valued at $32,535,000 after purchasing an additional 110,705 shares during the last quarter. Lester Murray Antman dba SimplyRich grew its holdings in Garmin by 2.9% in the fourth quarter. Lester Murray Antman dba SimplyRich now owns 5,401 shares of the scientific and technical instruments company’s stock valued at $1,114,000 after purchasing an additional 150 shares during the last quarter. Finally, Kentucky Trust Co acquired a new stake in Garmin in the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Activity at Garmin

In related news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction 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 of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % 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. Corporate insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GRMN. Barclays upped their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Tigress Financial upped their target price on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Three research 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 stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and an average target price of $171.00.

Garmin Stock Up 1.0 %

GRMN opened at $212.37 on Friday. The firm has a market cap of $40.78 billion, a P/E ratio of 26.95, a PEG ratio of 1.33 and a beta of 0.98. Garmin Ltd. has a 52 week low of $121.20 and a 52 week high of $223.33. The business’s fifty day simple moving average is $212.77 and its 200 day simple moving average is $193.72.

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.