Meeder Advisory Services Inc. Invests $256,000 in Garmin Ltd. (NYSE:GRMN)

Meeder Advisory Services Inc. bought a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,572 shares of the scientific and technical instruments company’s stock, valued at approximately $256,000.

A number of other large investors also recently added to or reduced their stakes in GRMN. Dorsey & Whitney Trust CO LLC grew its stake in shares of Garmin by 3.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock valued at $344,000 after buying an additional 73 shares during the last quarter. UMB Bank n.a. grew its position in Garmin by 2.6% during the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after acquiring an additional 74 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Garmin by 17.6% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after purchasing an additional 81 shares during the period. 1620 Investment Advisors Inc. increased its stake in Garmin by 4.0% in the 4th quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after purchasing an additional 84 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its position in Garmin by 3.4% in the second quarter. Sequoia Financial Advisors LLC now owns 2,629 shares of the scientific and technical instruments company’s stock valued at $428,000 after purchasing an additional 86 shares during the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Trading Down 5.5 %

NYSE:GRMN opened at $172.68 on Monday. The company has a 50-day moving average price of $173.80 and a 200-day moving average price of $161.49. The stock has a market cap of $33.19 billion, a price-to-earnings ratio of 24.36, a P/E/G ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $184.42.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the business posted $1.45 earnings per share. Garmin’s quarterly revenue was up 14.3% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GRMN shares. Bank of America downgraded shares of Garmin from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $181.00 to $133.00 in a research report on Friday. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $151.33.

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock worth $2,296,174 over the last ninety days. 19.54% of the stock is owned by corporate insiders.

Garmin Profile

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.