Garmin Ltd. $GRMN Shares Newly Bought by Vest Financial LLC

Vest Financial LLC purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 70,561 shares of the scientific and technical instruments company’s stock, valued at approximately $20,240,000.

Several other large investors have also recently added to or reduced their stakes in GRMN. Elevation Wealth Partners LLC raised its holdings in Garmin by 336.4% in the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of Garmin by 216.2% in the 3rd quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock worth $34,000 after acquiring an additional 80 shares during the period. Groupe la Francaise grew its holdings in shares of Garmin by 346.4% during the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 97 shares in the last quarter. Ninety One UK Ltd acquired a new stake in shares of Garmin during the 3rd quarter worth approximately $41,000. Finally, Archer Investment Corp acquired a new stake in shares of Garmin during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Activity

In other news, VP Joshua Maxfield sold 1,152 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $291.13, for a total transaction of $335,381.76. Following the completion of the sale, the vice president owned 15,042 shares of the company’s stock, valued at approximately $4,379,177.46. This trade represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Clifton A. Pemble sold 4,029 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the sale, the chief executive officer directly owned 120,127 shares of the company’s stock, valued at approximately $36,038,100. The trade was a 3.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,108 shares of company stock valued at $4,808,799 over the last three months. 14.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Arete Research started coverage on Garmin in a research report on Wednesday, October 14th. They set a “buy” rating and a $335.00 price objective on the stock. UBS Group set a $370.00 target price on Garmin in a research report on Thursday, August 6th. KeyCorp reaffirmed a “sector weight” rating on shares of Garmin in a research report on Wednesday, September 2nd. Barclays lifted their price target on shares of Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Finally, Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $313.71.

Garmin Stock Up 1.6%

Shares of Garmin stock opened at $295.69 on Friday. The stock has a market capitalization of $57.02 billion, a P/E ratio of 30.11, a price-to-earnings-growth ratio of 3.25 and a beta of 0.82. The company has a 50-day simple moving average of $284.20 and a 200 day simple moving average of $263.00. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $314.28.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.51. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm posted $2.17 EPS. On average, equities analysts anticipate that Garmin Ltd. will post 10.08 earnings per share for the current year.

Garmin Company Profile

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.