Garmin Ltd. $GRMN Stock Sold by Sterling Capital Management LLC

Sterling Capital Management LLC decreased its position in Garmin Ltd. (NYSE:GRMN) by 37.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 8,505 shares of the scientific and technical instruments company’s stock after selling 5,004 shares during the period. Sterling Capital Management LLC’s holdings in Garmin were worth $2,440,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in GRMN. Caldwell Trust Co increased its position in shares of Garmin by 4.4% in the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock valued at $237,000 after buying an additional 43 shares in the last quarter. Green Alpha Advisors LLC lifted its holdings in Garmin by 0.7% during the third quarter. Green Alpha Advisors LLC now owns 6,324 shares of the scientific and technical instruments company’s stock worth $1,814,000 after acquiring an additional 43 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Garmin by 0.9% during the third quarter. Quadrant Capital Group LLC now owns 4,919 shares of the scientific and technical instruments company’s stock worth $1,360,000 after acquiring an additional 43 shares in the last quarter. Yousif Capital Management LLC grew its stake in Garmin by 0.3% in the third quarter. Yousif Capital Management LLC now owns 15,863 shares of the scientific and technical instruments company’s stock valued at $4,550,000 after acquiring an additional 43 shares during the period. Finally, Fulton Bank N.A. grew its stake in Garmin by 2.9% in the first quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock valued at $388,000 after acquiring an additional 47 shares during the period. Institutional investors own 81.60% of the company’s stock.

Garmin Trading Up 0.2%

Shares of GRMN opened at $294.19 on Monday. The stock has a market capitalization of $56.73 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 3.28 and a beta of 0.82. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $314.28. The firm has a fifty day simple moving average of $283.87 and a 200 day simple moving average of $263.36.

Garmin (NYSE:GRMN) last issued 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. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the previous year, the business earned $2.17 EPS. The company’s revenue was up 11.4% compared to the same quarter last year. As a group, research analysts predict that Garmin Ltd. will post 10.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. KeyCorp restated a “sector weight” rating on shares of Garmin in a report on Wednesday, September 2nd. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research report on Thursday, August 6th. Arete Research started coverage on Garmin in a research note on Wednesday, October 14th. They set a “buy” rating and a $335.00 target price for the company. Finally, Barclays raised their target price on shares of Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Garmin currently has an average rating of “Moderate Buy” and a consensus price target of $313.71.

Insider Buying and Selling

In other news, VP Joshua Maxfield sold 1,152 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the completion of the transaction, the vice president owned 15,042 shares in the company, valued at $4,379,177.46. This trade represents a 7.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 4,029 shares of Garmin stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total value of $1,208,700.00. Following the completion of the sale, the chief executive officer directly owned 120,127 shares in the company, valued at approximately $36,038,100. This represents a 3.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 16,108 shares of company stock worth $4,808,799 over the last 90 days. 14.80% of the stock is currently owned by insiders.

About Garmin

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.