Rhumbline Advisers Sells 7,338 Shares of Garmin Ltd. (NYSE:GRMN)

Rhumbline Advisers reduced its position in shares of Garmin Ltd. (NYSE:GRMN) by 2.3% in the fourth quarter, Holdings Channel reports. The fund owned 310,880 shares of the scientific and technical instruments company’s stock after selling 7,338 shares during the quarter. Rhumbline Advisers’ holdings in Garmin were worth $64,122,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GRMN. Exchange Traded Concepts LLC boosted its position in shares of Garmin by 4,398.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,339 shares of the scientific and technical instruments company’s stock valued at $412,000 after acquiring an additional 2,287 shares during the last quarter. Creative Planning boosted its position in shares of Garmin by 3.7% during the 3rd quarter. Creative Planning now owns 34,736 shares of the scientific and technical instruments company’s stock valued at $6,115,000 after acquiring an additional 1,244 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Garmin by 0.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,724 shares of the scientific and technical instruments company’s stock valued at $4,176,000 after acquiring an additional 148 shares during the last quarter. V Square Quantitative Management LLC boosted its position in shares of Garmin by 7.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,208 shares of the scientific and technical instruments company’s stock valued at $389,000 after acquiring an additional 158 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Garmin by 111.7% during the 3rd quarter. Blue Trust Inc. now owns 1,319 shares of the scientific and technical instruments company’s stock valued at $215,000 after acquiring an additional 696 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.

Garmin Stock Up 1.0 %

Shares of GRMN opened at $212.37 on Monday. The business has a fifty day moving average of $212.77 and a 200 day moving average of $193.88. Garmin Ltd. has a 52-week low of $121.20 and a 52-week high of $223.33. The company has a market cap of $40.78 billion, a PE ratio of 26.95, a P/E/G ratio of 1.33 and a beta of 0.98.

Insiders Place Their Bets

In other Garmin 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 value 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 trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on GRMN. Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Tigress Financial raised 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. Three 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $171.00.

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.