Montrusco Bolton Investments Inc. Makes New $53.25 Million Investment in Garmin Ltd. (NYSE:GRMN)

Montrusco Bolton Investments Inc. bought a new position in Garmin Ltd. (NYSE:GRMN) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 302,516 shares of the scientific and technical instruments company’s stock, valued at approximately $53,252,000. Garmin comprises approximately 0.6% of Montrusco Bolton Investments Inc.’s portfolio, making the stock its 26th biggest holding. Montrusco Bolton Investments Inc. owned 0.16% of Garmin at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in shares of Garmin during the 2nd quarter valued at about $31,000. Family Firm Inc. bought a new position in shares of Garmin during the 2nd quarter valued at about $35,000. Benjamin Edwards Inc. increased its position in shares of 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 purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Garmin during the 2nd quarter valued at about $46,000. Finally, West Oak Capital LLC bought a new position in shares of Garmin during the 2nd quarter valued at about $53,000. 73.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, 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. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $162.67.

Insider Activity at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through 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 value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,424 shares of company stock worth $638,159 over the last ninety days. 19.54% of the stock is owned by corporate insiders.

Garmin Stock Performance

Shares of GRMN stock opened at $210.22 on Friday. The firm has a market cap of $40.37 billion, a P/E ratio of 26.68, a P/E/G ratio of 3.28 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $119.15 and a fifty-two week high of $215.55. The business’s 50 day moving average price is $182.02 and its 200-day moving average price is $173.65.

Garmin (NYSE:GRMN) last issued 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 firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same period last year, the company earned $1.41 EPS. As a group, equities analysts predict that Garmin Ltd. will post 6.68 EPS for the current year.

Garmin Company Profile

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.