Truist Financial Corp Sells 336 Shares of Garmin Ltd. (NYSE:GRMN)

Truist Financial Corp decreased its position in shares of Garmin Ltd. (NYSE:GRMNGet Rating) by 4.5% during the third quarter, Holdings Channel.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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pictet Asset Management SA grew its holdings in Garmin by 4.9% during the 2nd quarter. Pictet Asset Management SA now owns 2,302,545 shares of the scientific and technical instruments company’s stock valued at $226,225,000 after buying an additional 108,086 shares in the last quarter. Walleye Capital LLC grew its holdings in shares of Garmin by 189.3% in the second quarter. Walleye Capital LLC now owns 11,820 shares of the scientific and technical instruments company’s stock valued at $1,161,000 after purchasing an additional 7,734 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Garmin by 0.9% in the second quarter. Victory Capital Management Inc. now owns 148,695 shares of the scientific and technical instruments company’s stock valued at $14,609,000 after purchasing an additional 1,351 shares in the last quarter. TD Asset Management Inc. grew its holdings in shares of Garmin by 2.6% in the second quarter. TD Asset Management Inc. now owns 62,006 shares of the scientific and technical instruments company’s stock valued at $6,092,000 after purchasing an additional 1,584 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Garmin by 40.3% in the second quarter. Bank of Montreal Can now owns 154,218 shares of the scientific and technical instruments company’s stock valued at $16,176,000 after purchasing an additional 44,286 shares in the last quarter. Institutional investors own 63.29% of the company’s stock.

Garmin Stock Up 1.6 %

NYSE GRMN opened at $96.85 on Monday. Garmin Ltd. has a 52 week low of $76.37 and a 52 week high of $129.07. The firm has a market capitalization of $18.56 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 3.30 and a beta of 0.94. The company has a fifty day moving average of $93.67 and a two-hundred day moving average of $90.55.

Garmin (NYSE:GRMNGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The scientific and technical instruments company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.10 by $0.14. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.18 billion. Garmin had a net margin of 19.54% and a return on equity of 17.13%. Equities research analysts anticipate that Garmin Ltd. will post 4.95 EPS for the current year.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

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

See Also

Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMNGet Rating).

Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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