Garmin Ltd. (NYSE:GRMN) Shares Sold by Cullen Investment Group LTD.

Cullen Investment Group LTD. lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,832 shares of the scientific and technical instruments company’s stock after selling 316 shares during the quarter. Garmin comprises about 1.0% of Cullen Investment Group LTD.’s holdings, making the stock its 24th largest position. Cullen Investment Group LTD.’s holdings in Garmin were worth $6,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Private Advisor Group LLC raised its position in Garmin by 6.1% in the second quarter. Private Advisor Group LLC now owns 4,231 shares of the scientific and technical instruments company’s stock worth $690,000 after acquiring an additional 244 shares in the last quarter. Choreo LLC bought a new stake in Garmin during the second quarter worth about $415,000. Headlands Technologies LLC acquired a new position in Garmin in the second quarter valued at approximately $46,000. American Century Companies Inc. raised its holdings in Garmin by 5.9% in the second quarter. American Century Companies Inc. now owns 47,349 shares of the scientific and technical instruments company’s stock worth $7,714,000 after purchasing an additional 2,651 shares during the period. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of Garmin during the second quarter worth $256,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN opened at $208.13 on Tuesday. Garmin Ltd. has a fifty-two week low of $119.15 and a fifty-two week high of $222.97. The firm has a market cap of $39.97 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 1.42 and a beta of 0.98. The firm has a 50 day moving average price of $211.09 and a 200-day moving average price of $186.02.

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

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Barclays increased their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Tigress Financial raised their price target on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research note on Monday, December 16th. Finally, Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $171.00.

Garmin Company 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.