Garmin Ltd. (NYSE:GRMN) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its stake in Garmin Ltd. (NYSE:GRMN) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 485,368 shares of the scientific and technical instruments company’s stock after selling 31,520 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.25% of Garmin worth $85,439,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Garmin during the 2nd quarter worth approximately $31,000. Clearstead Trust LLC purchased a new stake in Garmin during the first quarter worth $30,000. Family Firm Inc. acquired a new stake in Garmin in the second quarter valued at $35,000. Benjamin Edwards Inc. increased its position in shares of Garmin by 73.3% in the second 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 in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Garmin in the second quarter valued at $46,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the 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 sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This represents a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,479 shares of company stock worth $2,419,502. 19.54% of the stock is owned by company insiders.

Garmin Stock Down 0.8 %

Shares of Garmin stock opened at $211.32 on Friday. The firm has a market cap of $40.58 billion, a PE ratio of 26.82, a P/E/G ratio of 3.25 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $118.51 and a fifty-two week high of $215.55. The business’s fifty day moving average is $178.79 and its two-hundred day moving average is $171.60.

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 (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 firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the company earned $1.41 EPS. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. Equities research analysts anticipate that Garmin Ltd. will post 6.88 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Finally, Tigress Financial upped their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $162.67.

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.