Haverford Trust Co Takes $229,000 Position in Garmin Ltd. (NYSE:GRMN)

Haverford Trust Co bought a new position in shares of Garmin Ltd. (NYSE:GRMN) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,301 shares of the scientific and technical instruments company’s stock, valued at approximately $229,000.

Several other large investors have also recently bought and sold shares of GRMN. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Garmin in the 1st quarter valued at $253,000. Avantax Advisory Services Inc. grew its holdings in shares of Garmin by 5.9% during the first quarter. Avantax Advisory Services Inc. now owns 2,314 shares of the scientific and technical instruments company’s stock worth $344,000 after purchasing an additional 128 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Garmin by 36.9% during the first quarter. ProShare Advisors LLC now owns 27,307 shares of the scientific and technical instruments company’s stock worth $4,065,000 after purchasing an additional 7,367 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Garmin by 2.5% in the 1st quarter. Bleakley Financial Group LLC now owns 4,593 shares of the scientific and technical instruments company’s stock valued at $684,000 after purchasing an additional 110 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Garmin by 122.3% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,134 shares of the scientific and technical instruments company’s stock worth $2,848,000 after buying an additional 10,526 shares during the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Price Performance

Shares of NYSE GRMN opened at $211.32 on Friday. The firm’s 50-day moving average is $178.79 and its two-hundred day moving average is $171.60. Garmin Ltd. has a 12-month low of $118.51 and a 12-month high of $215.55. The company has a market capitalization of $40.58 billion, a PE ratio of 26.82, a price-to-earnings-growth ratio of 3.25 and a beta of 0.97.

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

Analyst Ratings Changes

Several research firms recently commented on GRMN. 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 target price on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Tigress Financial lifted their price objective 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. Finally, Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Three 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.com, the company presently has an average rating of “Hold” and a consensus target price of $162.67.

Insider Transactions at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the transaction, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 19.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,479 shares of company stock worth $2,419,502 in the last three months. 19.54% of the stock is currently owned by company insiders.

Garmin 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.