HB Wealth Management LLC Purchases 53 Shares of Garmin Ltd. (NYSE:GRMN)

HB Wealth Management LLC boosted its position in Garmin Ltd. (NYSE:GRMN) by 1.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,821 shares of the scientific and technical instruments company’s stock after acquiring an additional 53 shares during the period. HB Wealth Management LLC’s holdings in Garmin were worth $788,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Citigroup Inc. grew its stake in shares of Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after purchasing an additional 156,441 shares during the last quarter. Algert Global LLC bought a new stake in shares of Garmin in the 2nd quarter worth approximately $508,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Garmin during the third quarter valued at approximately $695,000. Trajan Wealth LLC raised its holdings in shares of Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock valued at $14,498,000 after acquiring an additional 6,878 shares in the last quarter. Finally, Passumpsic Savings Bank purchased a new stake in Garmin in the third quarter worth $3,137,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial increased their price target on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Finally, Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $171.00.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Garmin Price Performance

NYSE:GRMN opened at $217.83 on Wednesday. Garmin Ltd. has a one year low of $119.15 and a one year high of $222.97. The company’s 50-day simple moving average is $211.50 and its 200 day simple moving average is $187.87. The firm has a market capitalization of $41.83 billion, a P/E ratio of 27.64, a PEG ratio of 1.30 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter last year, the company earned $1.41 EPS. The firm’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, equities research analysts expect that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

About Garmin

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.