Garmin Ltd. (NYSE:GRMN) Shares Bought by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,162 shares of the scientific and technical instruments company’s stock after purchasing an additional 144 shares during the period. Contravisory Investment Management Inc.’s holdings in Garmin were worth $1,085,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GRMN. Clearstead Trust LLC acquired a new stake in Garmin during the 1st quarter valued at $30,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the 2nd quarter valued at about $31,000. Family Firm Inc. acquired a new stake in Garmin in the 2nd quarter valued at approximately $35,000. Benjamin Edwards Inc. grew its holdings in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Garmin in the 2nd quarter valued at approximately $46,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $181.00 to $133.00 in a research report on Friday, September 13th. Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $155.00 to $138.00 in a research report on Monday. Three equities 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, the company currently has a consensus rating of “Hold” and a consensus target price of $158.50.

Insider Activity at Garmin

In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 over the last quarter. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Up 0.2 %

Garmin stock opened at $165.64 on Friday. The firm’s fifty day moving average price is $173.93 and its two-hundred day moving average price is $164.80. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $184.42. The firm has a market capitalization of $31.84 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 2.85 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business earned $1.45 earnings per share. The company’s quarterly revenue was up 14.3% on a year-over-year basis. On average, research analysts forecast that Garmin Ltd. will post 6.08 EPS for the current 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.