Truist Financial Corp Has $570,000 Position in Garmin Ltd. (NYSE:GRMN)

Truist Financial Corp reduced its stake in shares of Garmin Ltd. (NYSE:GRMNGet Rating) by 4.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,093 shares of the scientific and technical instruments company’s stock after selling 336 shares during the quarter. Truist Financial Corp’s holdings in Garmin were worth $570,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. acquired a new position in Garmin during the second quarter worth $29,000. Clear Street Markets LLC raised its stake in Garmin by 403.2% during the second quarter. Clear Street Markets LLC now owns 317 shares of the scientific and technical instruments company’s stock worth $31,000 after acquiring an additional 254 shares in the last quarter. Rise Advisors LLC raised its stake in Garmin by 4,250.0% during the third quarter. Rise Advisors LLC now owns 435 shares of the scientific and technical instruments company’s stock worth $35,000 after acquiring an additional 425 shares in the last quarter. Trust Co. of Vermont acquired a new position in Garmin during the second quarter worth $49,000. Finally, Bogart Wealth LLC raised its stake in Garmin by 10,020.0% during the second quarter. Bogart Wealth LLC now owns 506 shares of the scientific and technical instruments company’s stock worth $50,000 after acquiring an additional 501 shares in the last quarter. 63.29% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Up 1.6 %

Garmin stock opened at $96.85 on Monday. The business’s 50-day simple moving average is $93.67 and its 200 day simple moving average is $90.55. The stock has a market cap of $18.56 billion, a price-to-earnings ratio of 19.41, a P/E/G ratio of 3.30 and a beta of 0.94. Garmin Ltd. has a 12-month low of $76.37 and a 12-month high of $129.07.

Garmin (NYSE:GRMNGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The scientific and technical instruments company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.14. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Garmin had a return on equity of 17.13% and a net margin of 19.54%. As a group, sell-side analysts expect that Garmin Ltd. will post 4.95 EPS for the current year.

Insider Activity at Garmin

In related news, Director Matthew Munn sold 1,797 shares of the firm’s stock in a transaction dated Thursday, December 15th. The stock was sold at an average price of $92.96, for a total value of $167,049.12. Following the transaction, the director now owns 11,340 shares in the company, valued at $1,054,166.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 19,836 shares of the firm’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $90.00, for a total transaction of $1,785,240.00. Following the transaction, the chief executive officer now owns 125,664 shares in the company, valued at $11,309,760. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Munn sold 1,797 shares of the firm’s stock in a transaction dated Thursday, December 15th. The stock was sold at an average price of $92.96, for a total value of $167,049.12. Following the transaction, the director now owns 11,340 shares in the company, valued at approximately $1,054,166.40. The disclosure for this sale can be found here. Insiders have sold a total of 21,836 shares of company stock worth $1,969,818 over the last 90 days. Insiders own 20.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GRMN. Barclays began coverage on Garmin in a research note on Wednesday, November 9th. They issued an “equal weight” rating and a $97.00 target price for the company. Morgan Stanley lowered their target price on Garmin from $96.00 to $91.00 and set an “equal weight” rating for the company in a research note on Monday, October 17th. Finally, StockNews.com began coverage on Garmin in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Garmin presently has an average rating of “Hold” and an average target price of $122.40.

Garmin Company Profile

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.

Further Reading

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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