Strategy Asset Managers LLC Invests $470,000 in Garmin Ltd. (NYSE:GRMN)

Strategy Asset Managers LLC bought a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,669 shares of the scientific and technical instruments company’s stock, valued at approximately $470,000.

A number of other large investors also recently added to or reduced their stakes in GRMN. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Garmin during the second quarter valued at about $31,000. Family Firm Inc. bought a new position in Garmin during the second quarter valued at approximately $35,000. Benjamin Edwards Inc. grew its holdings in Garmin by 73.3% during 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 in the last quarter. Headlands Technologies LLC bought a new stake in Garmin in the 2nd quarter worth approximately $46,000. Finally, West Oak Capital LLC bought a new stake in Garmin in the 2nd quarter worth approximately $53,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Garmin Trading Down 0.9 %

Shares of GRMN opened at $205.57 on Thursday. The company’s fifty day simple moving average is $181.03 and its 200-day simple moving average is $173.17. The company has a market cap of $39.47 billion, a P/E ratio of 26.33, a P/E/G ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $215.55.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.41 EPS. Analysts predict that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,424 shares of company stock valued at $638,159. Insiders own 19.54% of the company’s stock.

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.