M.E. Allison & CO. Inc. Takes $439,000 Position in Garmin Ltd. (NYSE:GRMN)

M.E. Allison & CO. Inc. bought a new stake in Garmin Ltd. (NYSE:GRMN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,126 shares of the scientific and technical instruments company’s stock, valued at approximately $439,000.

Other large investors have also modified their holdings of the company. Diversify Advisory Services LLC acquired a new stake in Garmin during the 4th quarter valued at approximately $230,000. Aaron Wealth Advisors LLC acquired a new stake in Garmin during the 4th quarter valued at approximately $229,000. BNC Wealth Management LLC grew its stake in Garmin by 6.6% during the 4th quarter. BNC Wealth Management LLC now owns 23,066 shares of the scientific and technical instruments company’s stock valued at $4,758,000 after purchasing an additional 1,424 shares in the last quarter. Kera Capital Partners Inc. acquired a new stake in Garmin during the 4th quarter valued at approximately $214,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Garmin during the 4th quarter valued at approximately $440,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, 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. 19.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GRMN. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Barclays lifted 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. Finally, Tigress Financial raised their price target on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Garmin has an average rating of “Hold” and a consensus target price of $171.00.

Garmin Stock Up 0.4 %

Shares of NYSE GRMN opened at $215.50 on Monday. The stock has a market capitalization of $41.38 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 1.26 and a beta of 0.98. The stock’s fifty day simple moving average is $211.45 and its 200 day simple moving average is $187.48. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97.

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

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.