Oppenheimer & Co. Inc. Sells 2,530 Shares of Garmin Ltd. (NYSE:GRMN)

Oppenheimer & Co. Inc. reduced its stake in Garmin Ltd. (NYSE:GRMN) by 9.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,295 shares of the scientific and technical instruments company’s stock after selling 2,530 shares during the period. Oppenheimer & Co. Inc.’s holdings in Garmin were worth $4,453,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. purchased a new stake in Garmin in the first quarter worth $253,000. Avantax Advisory Services Inc. grew its position in shares of Garmin by 5.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,314 shares of the scientific and technical instruments company’s stock worth $344,000 after buying an additional 128 shares during the period. ProShare Advisors LLC increased its stake in shares of Garmin by 36.9% in the 1st quarter. ProShare Advisors LLC now owns 27,307 shares of the scientific and technical instruments company’s stock worth $4,065,000 after acquiring an additional 7,367 shares in the last quarter. Bleakley Financial Group LLC lifted its position in Garmin by 2.5% during the 1st quarter. Bleakley Financial Group LLC now owns 4,593 shares of the scientific and technical instruments company’s stock valued at $684,000 after acquiring an additional 110 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Garmin by 122.3% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 19,134 shares of the scientific and technical instruments company’s stock worth $2,848,000 after acquiring an additional 10,526 shares in the last quarter. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Garmin stock opened at $211.32 on Friday. Garmin Ltd. has a one year low of $118.51 and a one year high of $215.55. The business’s fifty day moving average is $178.79 and its 200 day moving average is $171.60. The stock has a market capitalization of $40.58 billion, a PE ratio of 26.82, a price-to-earnings-growth ratio of 3.25 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the firm posted $1.41 EPS. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. As a group, sell-side analysts expect that Garmin Ltd. will post 6.88 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sean Biddlecombe sold 587 shares of the firm’s 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 transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,479 shares of company stock worth $2,419,502. Insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays boosted their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three equities 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 company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $162.67.

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.