Pacer Advisors Inc. Has $3.34 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

Pacer Advisors Inc. cut its stake in Garmin Ltd. (NYSE:GRMN) by 54.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,205 shares of the scientific and technical instruments company’s stock after selling 19,117 shares during the period. Pacer Advisors Inc.’s holdings in Garmin were worth $3,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of GRMN. Pinnacle Bancorp Inc. acquired a new stake in Garmin during the fourth quarter worth about $29,000. Larson Financial Group LLC grew its holdings 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 purchasing an additional 162 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Garmin during the third quarter valued at approximately $39,000. Capital Performance Advisors LLP acquired a new position in shares of Garmin in the third quarter valued at $59,000. Finally, Versant Capital Management Inc lifted its position in Garmin by 78.0% in the fourth quarter. Versant Capital Management Inc now owns 493 shares of the scientific and technical instruments company’s stock worth $102,000 after purchasing an additional 216 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on GRMN shares. Tigress Financial increased their price objective 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. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Three equities 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 company. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus price target of $171.00.

Insider Activity

In related news, 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 value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of the business’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 completion of the transaction, 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 position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Up 1.3 %

NYSE:GRMN opened at $217.02 on Friday. The firm has a market cap of $41.67 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $222.97. The company’s 50-day moving average price is $212.35 and its two-hundred day moving average price is $190.24.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping 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 analyst estimates of $1.44 billion. During the same period in the prior year, the company earned $1.41 EPS. Garmin’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, research analysts expect 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.