Barlow Wealth Partners Inc. Grows Position in Garmin Ltd. (NYSE:GRMN)

Barlow Wealth Partners Inc. raised its stake in Garmin Ltd. (NYSE:GRMN) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,347 shares of the scientific and technical instruments company’s stock after purchasing an additional 697 shares during the period. Barlow Wealth Partners Inc.’s holdings in Garmin were worth $11,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Clearstead Trust LLC purchased a new position in shares of Garmin in the 1st quarter valued at approximately $30,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Garmin during the second quarter valued at about $31,000. Family Firm Inc. purchased a new stake in shares of Garmin in the second quarter worth about $35,000. Benjamin Edwards Inc. boosted its position in shares of Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after buying an additional 99 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Garmin in the second quarter worth about $46,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Price Performance

GRMN stock traded up $0.50 on Wednesday, reaching $165.13. The company’s stock had a trading volume of 17,057 shares, compared to its average volume of 837,703. Garmin Ltd. has a 52 week low of $99.61 and a 52 week high of $184.42. The company has a market capitalization of $31.72 billion, a P/E ratio of 23.22, a price-to-earnings-growth ratio of 3.04 and a beta of 0.99. The firm has a fifty day moving average of $174.35 and a two-hundred day moving average of $164.68.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on GRMN. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $155.00 to $138.00 in a research note on Monday. Finally, Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $158.50.

Insider Buying and Selling

In other news, Director Philip Straub sold 2,750 shares of Garmin 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 transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 in the last three months. 19.54% of the stock is currently owned by corporate insiders.

Garmin Company 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.