Penobscot Investment Management Company Inc. Sells 120 Shares of Garmin Ltd. (NYSE:GRMN)

Penobscot Investment Management Company Inc. decreased its position in Garmin Ltd. (NYSE:GRMN) by 2.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,935 shares of the scientific and technical instruments company’s stock after selling 120 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Garmin were worth $619,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Garmin by 2.2% in the first quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after purchasing an additional 365,713 shares during the period. BlackRock Inc. raised its stake in shares of Garmin by 1.6% during the 1st quarter. BlackRock Inc. now owns 15,034,948 shares of the scientific and technical instruments company’s stock valued at $1,517,327,000 after purchasing an additional 239,988 shares during the period. Artisan Partners Limited Partnership boosted its stake in Garmin by 3.1% in the 1st quarter. Artisan Partners Limited Partnership now owns 6,943,506 shares of the scientific and technical instruments company’s stock worth $700,739,000 after purchasing an additional 209,373 shares during the period. State Street Corp grew its holdings in Garmin by 5.5% during the 3rd quarter. State Street Corp now owns 6,798,228 shares of the scientific and technical instruments company’s stock valued at $545,971,000 after buying an additional 355,087 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Garmin by 2.1% during the first quarter. Geode Capital Management LLC now owns 3,433,511 shares of the scientific and technical instruments company’s stock valued at $345,772,000 after buying an additional 70,082 shares during the period. 63.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 4,794 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were 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 of the company’s stock, valued at $4,732,620.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Garmin news, insider Cheng-Wei Wang sold 4,794 shares of Garmin stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $105.62, for a total value of $506,342.28. Following the completion of the transaction, the insider now directly owns 44,808 shares of the company’s stock, valued at $4,732,620.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $120.00, for a total value of $600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 115,629 shares in the company, valued at $13,875,480. The disclosure for this sale can be found here. 19.89% of the stock is owned by company insiders.

Garmin Stock Down 0.1 %

Shares of GRMN stock opened at $118.85 on Thursday. The stock has a fifty day moving average of $107.27 and a 200 day moving average of $105.62. Garmin Ltd. has a 52 week low of $88.40 and a 52 week high of $120.25. The firm has a market capitalization of $22.74 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 3.94 and a beta of 0.90.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.12. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.21 billion. Garmin had a return on equity of 16.00% and a net margin of 20.60%. The business’s revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.24 EPS. Equities research analysts anticipate that Garmin Ltd. will post 5.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Bank of America increased their target price on shares of Garmin from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. JPMorgan Chase & Co. lifted their price objective on Garmin from $118.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, November 2nd. Morgan Stanley lowered their price target on Garmin from $103.00 to $100.00 and set an “equal weight” rating on the stock in a report on Thursday, November 2nd. StockNews.com assumed coverage on Garmin in a report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Barclays raised their target price on shares of Garmin from $113.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Garmin has a consensus rating of “Hold” and an average price target of $127.80.

Garmin 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.