Harvest Fund Management Co. Ltd Decreases Stake in Garmin Ltd. (NYSE:GRMN)

Harvest Fund Management Co. Ltd lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 47.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 687 shares of the scientific and technical instruments company’s stock after selling 629 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Garmin were worth $121,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of GRMN. LBP AM SA increased its position in shares of Garmin by 81.4% in the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock worth $1,084,000 after acquiring an additional 3,268 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Garmin by 51.7% in the 1st quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after acquiring an additional 9,681 shares during the period. Algert Global LLC purchased a new stake in shares of Garmin during the second quarter valued at approximately $508,000. Dynamic Advisor Solutions LLC acquired a new position in shares of Garmin during the third quarter worth $695,000. Finally, Trajan Wealth LLC boosted its stake in shares of Garmin by 9.1% in the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock valued at $14,498,000 after purchasing an additional 6,878 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, Director Sean Biddlecombe sold 587 shares of the business’s 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 completion of the transaction, the director now directly 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 3.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.

Garmin Trading Down 0.4 %

NYSE:GRMN opened at $212.09 on Thursday. The stock has a 50 day moving average of $185.28 and a 200-day moving average of $174.89. The firm has a market capitalization of $40.73 billion, a PE ratio of 26.91, a price-to-earnings-growth ratio of 1.42 and a beta of 0.97. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $216.44.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm’s revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.41 EPS. As a group, analysts predict that Garmin Ltd. will post 7.01 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.