Valicenti Advisory Services Inc. cut its holdings in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 3.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,074 shares of the scientific and technical instruments company’s stock after selling 1,520 shares during the period. Garmin comprises approximately 1.5% of Valicenti Advisory Services Inc.’s holdings, making the stock its 24th largest holding. Valicenti Advisory Services Inc.’s holdings in Garmin were worth $4,701,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Texas Permanent School Fund Corp grew its position in Garmin by 46.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 31,967 shares of the scientific and technical instruments company’s stock worth $3,226,000 after acquiring an additional 10,182 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its holdings in Garmin by 2.3% during the 1st quarter. Elo Mutual Pension Insurance Co now owns 12,237 shares of the scientific and technical instruments company’s stock worth $1,235,000 after buying an additional 279 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Garmin during the 1st quarter worth $551,000. Picton Mahoney Asset Management acquired a new position in Garmin during the 4th quarter worth $149,000. Finally, Arizona State Retirement System lifted its holdings in Garmin by 2.1% during the 1st quarter. Arizona State Retirement System now owns 44,577 shares of the scientific and technical instruments company’s stock worth $4,499,000 after buying an additional 906 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
GRMN has been the topic of several research reports. Barclays upped their price objective on Garmin from $106.00 to $113.00 and gave the stock an “equal weight” rating in a report on Thursday, August 3rd. Morgan Stanley reduced their price objective on Garmin from $104.00 to $103.00 and set an “equal weight” rating on the stock in a report on Thursday, August 3rd. StockNews.com initiated coverage on Garmin in a report on Wednesday, August 23rd. They set a “hold” rating on the stock. Tigress Financial reissued a “strong-buy” rating and issued a $165.00 price target on shares of Garmin in a research note on Thursday, August 10th. Finally, Bank of America increased their price target on Garmin from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Tuesday, August 8th. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus target price of $123.20.
Garmin Price Performance
Shares of GRMN stock traded up $0.01 during trading hours on Tuesday, reaching $107.06. The company had a trading volume of 31,613 shares, compared to its average volume of 829,802. The firm has a market cap of $20.50 billion, a price-to-earnings ratio of 20.71, a P/E/G ratio of 3.67 and a beta of 0.91. Garmin Ltd. has a 1-year low of $76.37 and a 1-year high of $108.56. The company has a 50 day moving average of $105.14 and a 200 day moving average of $102.98.
Garmin (NYSE:GRMN – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.43 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.26 billion. Garmin had a return on equity of 15.81% and a net margin of 20.23%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.44 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 5.16 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director Sean Biddlecombe sold 857 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $106.02, for a total transaction of $90,859.14. Following the sale, the director now owns 4,834 shares of the company’s stock, valued at approximately $512,500.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Garmin news, insider Cheng-Wei Wang sold 4,794 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $105.62, for a total transaction of $506,342.28. Following the completion of the transaction, the insider now owns 44,808 shares in the company, valued at approximately $4,732,620.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sean Biddlecombe sold 857 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $106.02, for a total value of $90,859.14. Following the transaction, the director now owns 4,834 shares of the company’s stock, valued at approximately $512,500.68. The disclosure for this sale can be found here. 19.89% of the stock is currently owned by company insiders.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; fitness and cycling accessories.
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