Garmin Ltd. (NYSE:GRMN) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lowered its position in shares of Garmin Ltd. (NYSE:GRMNFree Report) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,970 shares of the scientific and technical instruments company’s stock after selling 162 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Garmin were worth $510,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GRMN. Wetzel Investment Advisors Inc. acquired a new position in shares of Garmin in the 4th quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Garmin in the 4th quarter valued at $33,000. Headinvest LLC purchased a new position in shares of Garmin in the 3rd quarter valued at $41,000. Blue Trust Inc. increased its stake in Garmin by 35.2% during the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares during the period. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in Garmin during the 4th quarter worth $51,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Buying and Selling

In related news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the sale, the executive vice president now directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the sale, the director now owns 623,834 shares in the company, valued at $91,173,339.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. Insiders have sold 34,126 shares of company stock worth $5,100,284 in the last ninety days. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Down 0.4 %

Garmin stock opened at $162.62 on Tuesday. The firm has a 50-day moving average price of $156.80 and a two-hundred day moving average price of $139.52. The firm has a market capitalization of $31.24 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 3.52 and a beta of 0.98. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $171.64.

Garmin (NYSE:GRMNGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 EPS. Research analysts expect that Garmin Ltd. will post 5.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GRMN. Tigress Financial lifted their price target on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, May 14th. Barclays lifted their price target on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Barrington Research boosted their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Finally, Bank of America lowered shares of Garmin from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One investment analyst has rated the stock with a sell rating, four have issued 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, the company presently has an average rating of “Hold” and a consensus target price of $156.83.

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Garmin Profile

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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.

See Also

Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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