Garmin Ltd. (NYSE:GRMN) Shares Sold by Round Hill Asset Management

Round Hill Asset Management cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 6.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,664 shares of the scientific and technical instruments company’s stock after selling 1,400 shares during the period. Garmin makes up 2.4% of Round Hill Asset Management’s holdings, making the stock its 11th biggest holding. Round Hill Asset Management’s holdings in Garmin were worth $3,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. acquired a new position in Garmin during the 2nd quarter worth approximately $31,000. Larson Financial Group LLC grew its holdings in Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares in the last quarter. Family Firm Inc. acquired a new position in Garmin during the 2nd quarter worth 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 worth $38,000 after acquiring an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Garmin during the 2nd quarter worth approximately $46,000. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on GRMN. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Finally, Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the company 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 given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $162.67.

Insider Transactions at Garmin

In other 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 transaction of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was 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 directly 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 sold a total of 3,424 shares of company stock worth $638,159 over the last ninety days. 19.54% of the stock is currently owned by corporate insiders.

Garmin Price Performance

Shares of NYSE GRMN opened at $210.33 on Friday. The firm’s 50-day moving average is $182.77 and its two-hundred day moving average is $173.94. Garmin Ltd. has a 12-month low of $119.15 and a 12-month high of $215.55. The company has a market capitalization of $40.39 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 3.28 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 earnings per share. On average, analysts forecast that Garmin Ltd. will post 6.68 EPS for the current fiscal 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.